GUOXIN MICRO(SZ:002049) Yin He Zheng Quan·2026-01-16 06:35Investment Rating - The report maintains a "Recommended" rating for the company, Unisoc (stock code: 002049) [1]. Core Insights - Unisoc is expanding its power semiconductor product layout to explore new business growth drivers. The company plans to acquire 100% equity of Ruineng Semiconductor at a price of 61.75 yuan per share, which will enhance its power semiconductor product matrix and complete its semiconductor industry chain [4]. - The acquisition is expected to enrich the product matrix, allowing Unisoc to quickly fill manufacturing gaps and leverage shared customer resources to accelerate expansion in industrial and automotive electronics [4]. - The target company reported revenues and net profits of 830 million yuan and 101 million yuan for 2023, respectively, which will contribute positively to Unisoc's performance [4]. - Unisoc's new product iterations are accelerating, with advancements in high-performance products and a focus on aerospace-grade markets, which are expected to drive growth in multiple product lines [4]. - The company is establishing a new subsidiary, Unisoc Tongxin Technology, to focus on automotive electronics, which is anticipated to create a second growth curve for the company [4]. - The implementation of an employee stock ownership plan is expected to enhance employee motivation and support sustained growth in the future [4]. Financial Projections - The company forecasts revenues of 6,422 million yuan in 2025, 7,368 million yuan in 2026, and 8,378 million yuan in 2027, with corresponding net profits of 1,668 million yuan, 1,942 million yuan, and 2,431 million yuan [5][7]. - The projected EPS for the same years is 1.96 yuan, 2.29 yuan, and 2.86 yuan, with P/E ratios of 44.16, 37.92, and 30.30, respectively [5][7]. - The gross margin is expected to remain stable around 56.5% for 2025 and 2026, slightly decreasing to 56.3% in 2027 [5][7].