Maxscend Microelectronics Company Limited(300782)2024-11-04 09:41Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its long-term growth potential [3]. Core Insights - The company reported a revenue of 3.367 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 9.55%. However, the net profit attributable to shareholders decreased by 48.05% to 425 million yuan, indicating overall performance pressure [1][2]. - In Q3 2024, the company achieved a revenue of 1.083 billion yuan, down 23.13% year-on-year and 1.13% quarter-on-quarter, primarily due to seasonal industry fluctuations. The gross margin for Q3 2024 was 37.14%, a decline of 9.43 percentage points year-on-year [2]. - The company has invested in building its own production lines, which is expected to enhance its long-term competitiveness. As of Q3 2024, fixed assets reached 5.054 billion yuan, an increase of over 109% compared to the end of 2023 [3]. Financial Forecast - The company is projected to achieve revenues of 4.378 billion yuan in 2024, with a growth rate of 19.05%. The net profit attributable to shareholders is expected to be 560 million yuan, reflecting a significant decrease of 50.08% [4]. - The report forecasts a gradual recovery in net profit, estimating 910 million yuan in 2025 and 1.398 billion yuan in 2026, with corresponding price-to-earnings ratios of 53.62x and 34.90x [3][4]. Company Positioning - The company is recognized as a leading domestic manufacturer of RF chips, with a strong focus on developing a comprehensive product line to enhance its market penetration in high-end products [3]. - The establishment of the IDM platform through its semiconductor production line is expected to support the company's competitive edge in the RF chip market [3].