SG Micro Corp(SZ:300661) Ping An Securities·2025-05-06 07:55Investment Rating - The investment rating for the company is "Recommended" (maintained) [1] Core Views - The company achieved a revenue of 3.347 billion yuan in 2024, representing a year-on-year growth of 27.96%, and a net profit attributable to shareholders of 500 million yuan, up 78.17% year-on-year [5][9] - The company is focused on both organic growth and external expansion, continuously increasing the variety and quantity of its products [9][10] - The company has a strong product matrix in the analog integrated circuit design industry, covering 34 product categories with over 5,900 products available for sale [10] Financial Performance Summary - In 2024, the company reported a gross margin of 51.5% and a net margin of 14.9%, with a decrease in expense ratio to 35.12% [9][12] - The projected revenues for 2025-2027 are 4.110 billion yuan, 4.954 billion yuan, and 5.821 billion yuan, respectively, with corresponding net profits of 616 million yuan, 825 million yuan, and 1.102 billion yuan [8][11] - The earnings per share (EPS) are expected to be 1.30 yuan, 1.74 yuan, and 2.33 yuan for the years 2025, 2026, and 2027, respectively [12] Market Position and Strategy - The company is recognized for its rapid response to market demands and has successfully expanded into emerging fields such as automotive electronics, green energy, and smart manufacturing [10] - The company has signed an agreement for the acquisition of Ganrui Intelligent Technology, completed in March 2025, indicating a strategy for growth through acquisitions [10] - The company maintains a strong market presence and brand influence, with an increasing market share due to its local advantages and product performance [10][11]