Maxic Technology(688458)2024-02-26 16:00Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Views - The company reported a revenue of 472 million yuan for 2023, a year-on-year increase of 7.06%, but a net profit attributable to shareholders of 30.24 million yuan, a decrease of 42.46% year-on-year, primarily due to the faster decline in sales prices of LED lighting driver products compared to the decrease in supply chain costs [4]. - The company has three growth curves: the first is the LED lighting driver series, the second is the rapidly growing wireless charging series, and the third is the signal chain optical sensor chips, which are in the early stages of domestic substitution [5]. - The wireless charging power management chips have key performance indicators that are internationally advanced, with significant growth expected in global wireless charging device shipments by 2025 [6]. Financial Summary - The company’s total revenue is projected to grow from 441 million yuan in 2022 to 903 million yuan by 2025, with a compound annual growth rate (CAGR) of approximately 35.4% [8]. - The net profit attributable to shareholders is expected to recover from 30 million yuan in 2024 to 168 million yuan in 2025, reflecting a significant growth trajectory [8]. - The report indicates a decrease in profit forecasts for 2023-2025, with net profit estimates revised down to 30 million yuan for 2023, 100 million yuan for 2024, and 168 million yuan for 2025 [7]. Market Data - As of February 26, 2024, the closing price of the company's stock was 51.1 yuan, with a market capitalization of 982 million yuan [15]. - The company’s price-to-earnings (PE) ratio for 2024 is projected at 41X, compared to a comparable company PE of 72X, indicating a potential upside of 76% [7].