SG Micro Corp(SZ:300661) Guoyuan Securities·2025-10-27 06:43Investment Rating - The report maintains a rating of "Accumulate" for the company [2][4]. Core Views - The company reported a revenue of 2.801 billion yuan for Q1-Q3 2025, representing a year-over-year increase of 14.55%, with a net profit of 343 million yuan, up 20.47% year-over-year. The gross margin and net margin were 50.42% and 11.87%, respectively [1]. - In Q3 2025, the company achieved a revenue of 982 million yuan, reflecting a year-over-year growth of 13.06% but a quarter-over-quarter decline of 4.60%. The net profit for the quarter was 142 million yuan, up 34.02% year-over-year and 0.94% quarter-over-quarter [1]. - The demand for inventory replenishment from downstream clients has slowed in Q3, impacting the company's revenue growth rate. The industrial and automotive sectors are showing good growth, while the demand for consumer electronics has decreased [1]. - The company's gross margin slightly decreased compared to Q2 due to reduced customer replenishment demand and domestic competition. However, an increase in the proportion of industrial and automotive products is expected to improve gross margins in the future [2]. - The company accelerated its R&D efforts, with R&D expenses growing by 24.8% year-over-year to reach 810 million yuan, indicating a trend of increasing investment in innovation [2]. - The company has also progressed in corporate mergers, with goodwill reaching 301 million yuan, a significant increase of 272.52% year-over-year [2]. Financial Data and Valuation - The company is projected to achieve revenues of 3.919 billion yuan and 4.785 billion yuan in 2025 and 2026, respectively, with net profits of 594 million yuan and 733 million yuan, corresponding to P/E ratios of 81 and 66 times [3]. - The financial forecast indicates a revenue growth rate of 17.1% for 2025 and 22.1% for 2026, with net profit growth rates of 18.7% and 23.5% for the same years [3].