SG Micro Corp(SZ:300661) ZHONGTAI SECURITIES·2025-09-07 12:53Investment Rating - The investment rating for the company is "Buy" (maintained) [2][7] Core Views - The company has shown stable growth in its H1 performance, with a revenue of 1.82 billion yuan, representing a year-on-year increase of 15.4% [3] - The company is benefiting from the acceleration of domestic high-end analog IC production, with expectations for a significant increase in net profit in 2024 [3] - The company is actively expanding its product offerings in emerging fields, including automotive electronics and AI applications, which is expected to enhance its market share [3] Financial Performance Summary - For 2023A, the company is projected to achieve a revenue of 2,616 million yuan, with a year-on-year growth rate of -18% [2] - The net profit for 2023A is estimated at 281 million yuan, with a year-on-year decline of 68% [2] - The company anticipates a revenue increase to 3,347 million yuan in 2024A, with a growth rate of 28% [2] - The projected net profit for 2024A is 500 million yuan, reflecting a recovery with a growth rate of 78% [2] - The earnings per share (EPS) is expected to rise from 0.60 yuan in 2023A to 1.06 yuan in 2024A [2] Product Development and Market Expansion - The company has been actively launching new products, including low-noise operational amplifiers and automotive-grade ADCs, to meet diverse customer needs [3] - The company is focusing on key trends in AI, robotics, new energy vehicles, and smart manufacturing, positioning itself for future growth [3] - The company has achieved good sales performance in various sectors, including electric vehicles and IoT, expanding its customer base [3] Profitability and Valuation Metrics - The projected net profit for 2025E is 657 million yuan, with a corresponding P/E ratio of 68 [2] - The company’s net asset return rate is expected to increase from 7% in 2023A to 11% in 2024A [2] - The projected P/B ratio is expected to decrease from 11.5 in 2023A to 9.6 in 2024A [2]