Maxic Technology(SH:688458) Shenwan Hongyuan Securities·2025-07-06 13:11Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is experiencing a significant increase in the production of optical sensor chips, with dToF technology making breakthroughs in the robotic vacuum cleaner market [1] - The revenue forecast for 2025 has been adjusted downwards due to declining income from LED driver chips and slower growth in wireless charging chips [7] - The company is in a new business ramp-up phase, leading to lower net profit margins, and a price-to-sales (PS) valuation method is being applied [7] Financial Data and Profit Forecast - Total revenue is projected to reach 637 million in 2025, with a year-on-year growth rate of 57.6% [6] - The net profit attributable to the parent company is expected to be 17 million in 2025, showing a significant recovery from a loss of 67 million in 2024 [6] - The gross profit margin is forecasted to be 30.5% in 2025, with a return on equity (ROE) of 0.9% [6] Business Growth Drivers - The company has established a dual-driven product system focusing on power management and signal chain products, with significant contributions from LED products, wireless charging, and signal chain chips [7] - The wireless charging chip shipments increased from 1.29 million units in 2020 to 17.21 million units in 2022, indicating strong market demand [7] - The optical sensor chip revenue is expected to grow by 527.78% in 2024, contributing 17.11% to total revenue [7]