Novosense(688052) CAITONG SECURITIES·2024-10-18 06:23Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The acquisition of Maiguan is progressing, with the company planning to acquire 100% of Maiguan, maintaining an overall valuation of 1 billion yuan [2][3] - Full ownership is expected to enhance integration and operational efficiency, allowing the company to fully control Maiguan's operations and align strategic goals [2][3] - The company aims to stabilize Maiguan's core team through various measures, including the absence of performance commitment clauses in the acquisition agreement, which is intended to balance short-term performance with long-term development [2][3] Financial Performance and Forecast - The company expects revenues of 1.906 billion yuan, 2.776 billion yuan, and 3.447 billion yuan for 2024, 2025, and 2026 respectively, with net profits projected at -148 million yuan, 114 million yuan, and 281 million yuan for the same years [3][4] - Revenue growth rates are forecasted at 45.38% for 2024, 45.65% for 2025, and 24.18% for 2026, following a decline of 21.52% in 2023 [4][7] - The company anticipates a PE ratio of 151.43 for 2025 and 61.62 for 2026, indicating a potential recovery in profitability [4][7] Strategic Synergies - The acquisition is expected to enhance the company's technical capabilities and product offerings in the magnetic sensor field, leveraging Maiguan's extensive R&D experience [3][4] - The integration is projected to improve customer solutions and increase market share by combining Maiguan's customer base in automotive electronics, consumer electronics, and industrial drives with the company's existing products [3][4] - The merger is also expected to strengthen supply chain collaboration and improve bargaining power with upstream suppliers due to overlapping service providers [3][4]