3PEAK(SH:688536) Guoxin Securities·2024-02-01 16:00Investment Rating - The report maintains a "Buy" rating for the company [9][28]. Core Views - The company expects to achieve revenue between 1.08 billion to 1.095 billion yuan in 2023, representing a year-over-year decline of approximately 39.44% to 38.60% [12][34]. - The company plans to issue convertible bonds and cash to acquire 85.2574% of Chuangxin Micro for 890 million yuan, with the convertible bonds accounting for 383 million yuan [12][34]. - The acquisition of Chuangxin Micro is expected to enhance the company's technology and product layout, supporting its strategy to become a "platform-type chip company" [12][34]. Revenue and Profit Forecast - The company anticipates a net loss attributable to shareholders of 36 million to 30 million yuan in 2023, with a non-recurring net loss of 115 million to 105 million yuan [12][34]. - For 2024 and 2025, the company forecasts net profits of 209 million and 330 million yuan, respectively, with earnings per share (EPS) projected at 1.58 yuan and 2.49 yuan [34][35]. Segment Performance - Power Management Chips: Revenue for the first three quarters of 2023 was 161 million yuan, down 62.94% year-over-year, with a gross margin of 47.20% [2][30]. - Signal Chain Chips: Revenue for the first three quarters of 2023 was 649 million yuan, down 37.33% year-over-year, with a gross margin of 55.19% [30]. Financial Metrics - The company expects a gross margin of approximately 52% for the entire year of 2023 [12][34]. - The projected gross margins for 2023, 2024, and 2025 are 44.0%, 42.0%, and 53.0%, respectively [2][30].