北京君正：静待复苏

Investment Rating - The report assigns a "Buy" rating for Beijing Junzheng (300223) with a first coverage [9][14]. Core Views - The company is expected to achieve revenues of 4.35 billion, 4.8 billion, and 5.5 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding net profits of 430 million, 480 million, and 540 million yuan [14]. - The current stock price corresponds to a PE ratio of 75 times for 2024, 67 times for 2025, and 60 times for 2026 [14]. Company Overview - Total share capital is 482 million shares, with a circulating share capital of 420 million shares [3]. - The total market capitalization is 32.4 billion yuan, with a circulating market capitalization of 28.2 billion yuan [4]. - The stock has a 52-week high of 83.50 yuan and a low of 43.09 yuan [5]. - The company's debt-to-asset ratio stands at 7.2% [6]. - The current PE ratio is 60.33 [7]. Financial Performance - In Q3 2024, the company reported revenues of 1.09 billion yuan, a year-on-year decrease of 8.7% [12]. - The company anticipates a gradual recovery in demand for its security IPC products, maintaining competitiveness through technology, product, and market strategies [13]. - The report highlights the difference in performance between DRAM and Flash storage, with DRAM showing slight declines while Flash is experiencing growth [13]. - The company expects significant revenue from its 21nm products in the coming years, with a small amount anticipated next year [13]. Future Projections - Revenue growth rates are projected at -3.99% for 2024, 10.34% for 2025, and 14.59% for 2026 [17]. - The report outlines expected EBITDA of 629.62 million yuan in 2024, increasing to 727.84 million yuan by 2026 [17]. - The net profit margin is projected to decline slightly, with net profit expected to be 4.3% in 2024 and 4.1% in 2026 [17].