南芯科技：拟收购昇生微，进一步拓展端侧应用

Investment Rating - The report maintains a "Buy" rating for the company [2][7] Core Insights - The company plans to acquire 100% equity of Zhuhai Shengsheng Microelectronics for a total consideration of no more than RMB 160 million, aiming to expand its edge in edge-side applications [5][6] - The acquisition will enhance the company's capabilities in embedded chip design and development, integrating resources to create synergies in the embedded field [6] - A new subsidy policy for digital products, effective from January 20, is expected to stimulate consumer demand for upgrades, benefiting the company's product lines in collaboration with major smartphone brands [6] Financial Projections - The company is projected to achieve net profits of RMB 3.4 billion, RMB 5.2 billion, and RMB 6.7 billion for the years 2024, 2025, and 2026 respectively [7] - Revenue is expected to grow from RMB 1.78 billion in 2023 to RMB 4.056 billion by 2026, reflecting a compound annual growth rate (CAGR) of approximately 25.87% [9][11] - The company's EBITDA is forecasted to increase from RMB 252.03 million in 2023 to RMB 750.29 million in 2026 [9][11] Key Financial Metrics - The company’s earnings per share (EPS) is projected to rise from RMB 0.61 in 2023 to RMB 1.57 in 2026 [9][11] - The price-to-earnings (P/E) ratio is expected to decrease from 59.60 in 2023 to 23.30 in 2026, indicating improved valuation over time [9][11] - The asset-liability ratio is anticipated to increase from 17.1% in 2023 to 27.2% in 2026, reflecting a potential increase in leverage [9][11]