Maxscend Microelectronics Company Limited(300782) 国泰君安·2024-09-16 01:23Investment Rating - The report maintains a "Buy" rating for the company, with a target price adjusted to 75.90 CNY from a previous forecast of 116.19 CNY [4][7]. Core Insights - The company is experiencing short-term pressure on performance due to weak mobile phone demand, with H1 2024 results falling below expectations. However, the RF module segment is entering a growth phase [3][7]. - The company focuses on high-end module product development and is advancing its complete ecosystem construction [7]. - Revenue for H1 2024 reached 2.285 billion CNY, a year-on-year increase of 37.20%, while net profit attributable to shareholders was 354 million CNY, up 3.32% year-on-year [7][8]. Financial Summary - H1 2024 revenue from RF discrete devices was 1.266 billion CNY, a year-on-year increase of 14.74%, while RF module revenue was 966 million CNY, up 81.41% year-on-year [7]. - The gross margin for H1 2024 was 42.12%, down 6.94 percentage points from the same period in 2023, reflecting pressure from increased competition and price declines in the RF front-end chip market [7][8]. - The company has adjusted its EPS forecasts for 2024-2026 to 1.38 CNY, 1.97 CNY, and 2.50 CNY, respectively, down from previous estimates of 2.24 CNY, 2.91 CNY, and 3.47 CNY [7][8]. Market Position and Growth Potential - The company is recognized as a leading domestic RF chip manufacturer, with significant growth potential in its RF module products and innovations in AI mobile technology [7]. - The company has successfully optimized and iterated its MAX-SAW L-PAMiD product line, achieving industry-leading performance levels, and has entered mass production of its 12-inch IPD platform [7][8].