南芯科技：拟收购昇生微，扩嵌入式研发/拓产品布局

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][6] Core Views - The company plans to acquire 100% equity of Zhuhai Shengsheng Microelectronics Co., Ltd. for a cash consideration of RMB 160 million, which aligns with its strategy to enhance embedded development and expand its product layout [1][5] - The acquisition is expected to strengthen the company's capabilities in embedded systems, enhance its product offerings in consumer electronics, and facilitate expansion into automotive and industrial electronics [5][6] - The company forecasts revenue growth of 40.0%, 26.0%, and 30.0% for the years 2024, 2025, and 2026, respectively, with net profit growth of 30.2%, 28.2%, and 45.1% for the same years [5][7] Financial Data and Valuation - The company's projected revenues for 2024, 2025, and 2026 are RMB 2.493 billion, RMB 3.141 billion, and RMB 4.083 billion, respectively [7][9] - The expected net profits for the same years are RMB 340 million, RMB 436 million, and RMB 633 million, respectively [7][9] - The projected P/E ratios for 2024, 2025, and 2026 are 46.0, 35.9, and 24.7, respectively [7][9]