Motorcomm Electronic Technology (688515) Xiangcai Securities·2025-03-11 08:39Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [2]. Core Insights - In 2024, the company achieved a revenue of 404 million yuan, representing a year-on-year growth of 47.63%. However, it reported a net loss attributable to shareholders of 198 million yuan [3][4]. - The single-port 2.5G PHY product has seen continuous growth, with initial R&D completed for the four-port 2.5G PHY, which can replace single-port 10G products in certain scenarios [4]. - The YT9230 series switching chips were showcased, with expectations for gradual market penetration, addressing a gap in the domestic full-series solutions [5]. Financial Performance - The company reported a revenue of 404 million yuan in 2024, a 48.0% increase from 2023, with a projected revenue of 452 million yuan in 2025 and 525 million yuan in 2026 [9]. - The net profit is expected to improve from a loss of 195 million yuan in 2024 to a loss of 154 million yuan in 2025, and further to a loss of 48 million yuan in 2026 [9]. - The gross margin is projected to decline slightly from 51.3% in 2024 to 49.1% in 2025 and 49.0% in 2026 [9]. Product Development - The company has successfully launched its 2.5G PHY products, with sales reaching 38.7 million yuan in the first half of 2024, indicating strong market demand [4]. - The ongoing development of new products is expected to drive revenue growth in the coming years, with the third round of new product R&D continuing [6].