GUOXIN MICRO(SZ:002049) GUOTAI HAITONG SECURITIES·2026-01-22 00:25Investment Rating - The report assigns a rating of "Accumulate" to the company with a target price of 107.06 CNY [5][11]. Core Insights - The company plans to acquire 100% equity of Ruineng Semiconductor through a combination of issuing shares and cash payment, which constitutes a related party transaction. The target company is a leader in power semiconductors, which will enhance the company's supply chain and create significant synergies [2][11]. - The expected net profits for the company from 2025 to 2027 are projected to be 1.716 billion CNY, 1.939 billion CNY, and 2.296 billion CNY respectively, with corresponding EPS of 2.02 CNY, 2.28 CNY, and 2.70 CNY [11]. - The acquisition is expected to complete the company's power semiconductor industry chain, accelerate the localization of high-end components, and cultivate new profit growth points, thereby enhancing its overall competitiveness and profitability [11]. Financial Summary - Total revenue is projected to be 7,576 million CNY in 2023, decreasing to 5,511 million CNY in 2024, and then increasing to 10,731 million CNY by 2027, reflecting a growth rate of 14.2% [4][12]. - The net profit attributable to the parent company is expected to decline from 2,532 million CNY in 2023 to 1,179 million CNY in 2024, before recovering to 2,296 million CNY in 2027 [4][12]. - The company's return on equity (ROE) is projected to decrease from 21.7% in 2023 to 9.5% in 2024, then gradually recover to 13.3% by 2027 [4][12]. Market Data - The current stock price is 86.36 CNY, with a 52-week price range of 59.12 CNY to 92.78 CNY [6]. - The total market capitalization is 73,374 million CNY, with a total share count of 850 million shares [6]. - The price-to-earnings (P/E) ratio is projected to be 29.08 in 2023, increasing to 62.45 in 2024, and then decreasing to 32.08 by 2027 [4][12].