Novosense(SH:688052) HTSC·2024-07-01 01:07Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 142.78 [5][7]. Core Views - The company plans to acquire a 79.31% stake in Shanghai Maiguan for a total consideration of RMB 793 million, which will enhance its sensor business and expand its product matrix [2][12]. - The acquisition is expected to integrate supplier, customer, and R&D resources, thereby improving competitiveness in the magnetic sensor market [4][5]. - The company anticipates revenue growth from RMB 18.5 billion in 2024 to RMB 31.3 billion in 2026, driven by product layout and resource integration advantages [2][5]. Financial Projections - The company's revenue for 2024 is projected at RMB 1.85 billion, with a year-on-year growth of 41.14%, and is expected to reach RMB 2.45 billion in 2025 and RMB 3.13 billion in 2026 [6][29]. - The net profit for 2024 is expected to be a loss of RMB 184.89 million, with a recovery to RMB 58.66 million in 2025 and RMB 280.42 million in 2026 [6][29]. - The report adjusts the company's 2024-2025 revenue forecasts to RMB 18.5 billion and RMB 24.5 billion, respectively, reflecting a demand recovery [23]. Market Context - The global magnetic sensor market is projected to exceed USD 5.1 billion by 2029, with a compound annual growth rate (CAGR) of 7.91% from 2024 to 2029 [20][21]. - The company is positioned to benefit from the growing demand for magnetic sensors in various applications, including consumer electronics, industrial automation, and new energy vehicles [3][4].