紫光国微（002049）：补“链”强“链”，激发协同效应

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the acquisition of Ruineng Semiconductor by the company is a strategically significant move that enhances its vertical integration in the power semiconductor industry, aligning with the rapid growth trends in the global power semiconductor market, particularly in the fields of new energy and electric vehicles [5][8] - The report anticipates revenue growth for the company, adjusting the revenue forecasts for 2025-2027 to 67.80 billion, 84.95 billion, and 108.27 billion yuan respectively, with net profit estimates adjusted to 16.15 billion, 21.52 billion, and 28.81 billion yuan [8] Market Performance - The company's stock performance relative to the CSI 300 index shows a fluctuation with a 1-month change of -11%, a 2-month change of 0%, and a 3-month change of 11% [2] - Absolute growth rates for the company are reported as -0.38% for 1 month, 1.93% for 2 months, and 3.28% for 3 months, while relative growth rates are 1.09%, -1.09%, and 1.69% respectively [3] Financial Data and Forecasts - The total revenue for 2023 is projected at 7,576 million yuan, with a year-on-year growth of 6.4%. For 2024, the revenue is expected to decline to 5,511 million yuan, followed by a recovery to 6,780 million yuan in 2025, and further growth to 8,495 million yuan in 2026, reaching 10,827 million yuan in 2027 [7] - The net profit for 2023 is estimated at 2,532 million yuan, with projections of 1,179 million yuan for 2024, 1,615 million yuan for 2025, 2,152 million yuan for 2026, and 2,881 million yuan for 2027 [7] - The report indicates a projected P/E ratio of 40.75 for 2025, decreasing to 30.59 in 2026 and 22.86 in 2027, reflecting an improving valuation as earnings grow [8] Strategic Acquisition - The acquisition of Ruineng Semiconductor is expected to provide the company with a complete IDM capability in power semiconductors, enhancing its product offerings and market competitiveness [5] - The report emphasizes the potential for synergistic benefits from the acquisition, including enhanced R&D capabilities and market access through combined customer networks [5][6]