Sino Wealth(300327) 高盛证券·2024-08-12 02:29Investment Rating - The investment rating for the company is "Buy" with a 12-month target price of RMB 27 [2][7]. Core Views - The report highlights that the demand for home appliance microcontrollers (MCUs) is expected to drive revenue growth, with a projected revenue of RMB 3.83 billion for Q2, reflecting a 20% quarter-on-quarter increase and a 13% year-on-year increase [2]. - The company is anticipated to benefit from structural growth opportunities as it penetrates the smartphone market with AMOLED display driver chips, alongside the expected recovery in home appliance MCU demand [7]. - The report indicates that the recent policy encouraging the replacement of old appliances is favorable for the company, given that over 30% of its revenue is derived from the white goods market [2][7]. Revenue and Profit Forecasts - For 2024, the revenue forecast has been adjusted downwards by up to 9%, with net profit forecasts reduced by up to 6% due to slower commercialization of new products and lower-than-expected actual expenditures [2]. - The new revenue projections for 2024, 2025, and 2026 are RMB 1.499 billion, RMB 1.982 billion, and RMB 2.371 billion respectively, compared to previous estimates of RMB 1.514 billion, RMB 2.133 billion, and RMB 2.607 billion [5]. - Gross profit margins are expected to improve in the second half of 2024, with a gross margin forecast of 36.8% for 2024, 41.9% for 2025, and 42.8% for 2026 [5]. Market Dynamics - The report emphasizes that the recovery in home appliance MCU demand and the launch of new products in the automotive and smartphone sectors are key drivers for the company's growth [7]. - The company is positioned as a leader in the domestic market for home appliance MCUs and battery management integrated circuits (BMICs) [5][7].