Novosense(688052) 东吴证券·2024-12-31 12:17Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 15% in the next six months [5][18]. Core Views - The company has completed a significant acquisition, enhancing its competitive position in the semiconductor and integrated circuit sectors. This acquisition is expected to improve its capabilities in sensor chips and expand its market presence in high-growth areas such as IoT and smart hardware [1][11]. - The semiconductor industry is anticipated to reach a turning point as major players like Texas Instruments conclude their expansion plans, which should alleviate supply pressures and restore balance in supply and demand. This is expected to lead to a recovery in revenue and profitability for chip manufacturers, including the company [5][18]. Financial Summary - The company reported total revenue of 1,311 million yuan for 2023, with projections of 1,945 million yuan for 2024, 2,504 million yuan for 2025, and 3,243 million yuan for 2026, reflecting a growth rate of 48.35% in 2024 [4][28]. - The net profit attributable to the parent company is projected to recover from a loss of 305.34 million yuan in 2023 to a profit of 150.14 million yuan in 2026, indicating a significant turnaround [4][28]. - The company's earnings per share (EPS) is expected to improve from a loss of 2.14 yuan in 2023 to a profit of 1.05 yuan in 2026 [4][28]. Key Financial Metrics - The company has a net asset value per share of 42.70 yuan and a debt-to-asset ratio of 12.27% [3]. - The total market capitalization is approximately 19,006.17 million yuan, with a circulating A-share market value of 12,446.96 million yuan [23].