Sino Wealth(SZ:300327) Guotou Securities·2024-08-23 10:30Investment Rating - The report maintains a "Buy-A" investment rating for the company [5][10]. Core Views - The company is expected to benefit from continuous product launches and improvements in profitability, with a projected revenue increase from CNY 1.37 billion in 2024 to CNY 2.13 billion in 2026 [4][12]. - The company has a clear strategic direction, focusing on consolidating its advantages in home appliance MCU and BMIC sectors while entering the AMOLED display market [2][3]. Financial Performance - In the first half of 2024, the company reported revenue of CNY 653 million, a year-on-year increase of 3.93%, while net profit attributable to shareholders decreased by 17.03% to CNY 71.03 million [1]. - The company’s R&D investment reached CNY 153 million, accounting for 23.34% of its revenue, aimed at enhancing technology and product quality across various sectors [2]. Product Development - The company has launched several new products, including a cost-competitive ARM Cortex M0+ core product and high-frequency motor control applications, with plans for mass production in the second half of the year [3]. - Upcoming products include automotive-grade touch MCU chips and fast-charging protocol chips, indicating a robust product pipeline [3]. Market Outlook - The company is projected to achieve a net profit of CNY 173 million in 2024, with expectations of steady improvement in profitability due to cost optimization and market share growth in key areas [4][10]. - The target price for the stock is set at CNY 25.3, reflecting a 50x PE ratio for 2024 [10].