Maxscend Microelectronics Company Limited(SZ:300782) Soochow Securities·2024-08-31 03:03Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's revenue for H1 2024 reached 2.3 billion yuan, a year-on-year increase of 37%, while the net profit attributable to shareholders was 350 million yuan, a year-on-year decrease of 3% [3] - The company is a leading player in the RF industry, with its L-PAMiD product having passed customer validation, indicating strong market positioning and product development capabilities [3] - The product matrix is expanding, enhancing the company's core technological barriers and allowing for diversification into broader market applications, including communication base stations and automotive electronics [3] Financial Forecast and Valuation - The company's net profit forecast for 2024-2025 has been revised down from 1.4 billion yuan and 1.7 billion yuan to 800 million yuan and 1 billion yuan, respectively, with an expected net profit of 1.3 billion yuan in 2026 [4] - Revenue projections show a growth trajectory, with total revenue expected to reach 5.023 billion yuan in 2024, 5.775 billion yuan in 2025, and 6.694 billion yuan in 2026, reflecting a compound annual growth rate [2][4] - The latest diluted EPS is projected to be 1.55 yuan per share in 2024, with a P/E ratio of 40.92 based on the current price [2][4]