Nexchip Semiconductor Corporation(SH:688249) Huajin Securities·2024-06-19 23:00Investment Rating - The investment rating for the company is maintained at "Buy-A" [1]. Core Views - The company is experiencing full capacity utilization with an upward adjustment in foundry prices, and high-end capacity is set to be released soon [1]. - The company plans to expand production by 30,000 to 50,000 wafers per month in 2024, with current capacity at approximately 115,000 wafers per month [1]. - The company has achieved mass production of 55nm TDDI and is progressing steadily with 28nm OLED technology, expected to start small-scale production by the end of 2024 [1]. - The company is positioned as a leading global foundry for display driver chips, with a recovery in the panel industry expected to drive growth [1]. Financial Data and Valuation - Revenue projections for 2024 to 2026 are estimated at 10,069 million, 12,890 million, and 15,210 million yuan, with growth rates of 39.0%, 28.0%, and 18.0% respectively [3][4]. - Net profit attributable to the parent company is projected to be 880 million, 1,321 million, and 1,594 million yuan for the same period, with growth rates of 315.8%, 50.1%, and 20.7% respectively [3][4]. - The company's P/E ratios are forecasted to be 35.6, 23.7, and 19.7 for 2024, 2025, and 2026 respectively [3][4]. - The gross margin is expected to improve from 26.0% in 2024 to 27.5% in 2026 [3][4]. Production and Market Position - The company has successfully completed the development of a low-power high-speed driver platform and is actively collaborating with leading domestic panel manufacturers to accelerate application deployment [1]. - The demand for OLED driver chips is anticipated to continue growing due to the release of domestic OLED production capacity [1]. - The company is also focusing on the micro-display sector, aiming to ramp up production to 30,000 wafers per month for AR/VR applications [1].