Goke(300672) EBSCN·2025-06-07 00:25Investment Rating - The report maintains a "Buy" rating for Guoke Microelectronics (300672.SZ) with a current price of 81.06 CNY [1]. Core Insights - Guoke Microelectronics is acquiring a 94.366% stake in Zhongxin Ningbo to integrate the entire industry chain and break the overseas monopoly in the filter market [5][6]. - The acquisition is expected to enhance Guoke's product and business diversity, focusing on AI SoC and expanding into automotive and wireless sectors [10][14]. - The company is projected to benefit from the growth of AI SoC, with net profit forecasts for 2025, 2026, and 2027 being adjusted upwards by 17% and 48% compared to previous estimates [13][14]. Summary by Sections Company Overview - Guoke Microelectronics focuses on chip design and development, providing solutions in AI, multimedia, automotive electronics, IoT, and data storage [10]. - The acquisition of Zhongxin Ningbo will allow Guoke to build capabilities in specialized wafer manufacturing and advanced packaging, transitioning to a full industry chain model [10][12]. Market Position - Zhongxin Ningbo is a leading domestic semiconductor foundry specializing in RF front-end, MEMS, and high-voltage analog devices, aiming to break the overseas monopoly in high-end filter technology [6][7]. - The company has established long-term supply agreements with major domestic mobile communication terminal enterprises, ensuring stable revenue streams [8]. Financial Projections - Revenue for Guoke is expected to decline in 2024 but net profit is projected to grow, with estimates for 2025-2027 being 137 million, 204 million, and 257 million CNY respectively [15][16]. - The report outlines a significant drop in revenue growth rate for 2024 at -53.26%, followed by a recovery in subsequent years [15]. Valuation Metrics - The report provides a detailed financial forecast, including revenue, net profit, and key ratios such as P/E and P/B, indicating a gradual improvement in profitability and efficiency over the forecast period [15][18].