GUOXIN MICRO(SZ:002049) Orient Securities·2025-01-19 05:29Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 70.92 CNY based on a 36x PE valuation for 2025 [2][5][9]. Core Views - The company is expected to experience a decline in revenue and net profit in 2024, with projected revenues of 5.511 billion CNY, down 27.2% year-on-year, and a net profit of 1.191 billion CNY, down 52.9% year-on-year [4][8][9]. - The company is focusing on the automotive electronics sector and expanding its special integrated circuit business, maintaining a leading position in various technology areas despite market challenges [8][9]. Financial Information Summary - Revenue (in million CNY): - 2022: 7,120 - 2023: 7,565 - 2024E: 5,511 - 2025E: 6,897 - 2026E: 8,414 - Year-on-year growth rates: - 2022: 33.3% - 2023: 6.3% - 2024E: -27.2% - 2025E: 25.1% - 2026E: 22.0% [4][8][9]. - Net profit (in million CNY): - 2022: 2,632 - 2023: 2,531 - 2024E: 1,191 - 2025E: 1,672 - 2026E: 2,151 - Year-on-year growth rates: - 2022: 34.7% - 2023: -3.8% - 2024E: -52.9% - 2025E: 40.4% - 2026E: 28.6% [4][8][9]. - Earnings per share (CNY): - 2022: 3.10 - 2023: 2.98 - 2024E: 1.40 - 2025E: 1.97 - 2026E: 2.53 [4][8][9].