Maxscend Microelectronics Company Limited(300782) 开源证券·2024-02-27 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) [2][3] Core Views - The company achieved steady growth in 2023, with revenue reaching 4.378 billion yuan, a year-on-year increase of 19.06%, and a net profit attributable to shareholders of 1.165 billion yuan, up 8.92% year-on-year. The fourth quarter saw a significant revenue increase of 97.37% year-on-year [3] - The report highlights the expected recovery in global smartphone demand, particularly with Huawei's strong return, which is anticipated to boost domestic RF front-end demand [4] - The company is increasing its R&D investment, with a total of 410 million yuan in R&D expenses for the first three quarters of 2023, representing a 46.76% year-on-year increase [5] Financial Summary - In 2023, the company is projected to achieve a revenue of 4.378 billion yuan, with a net profit of 1.165 billion yuan. The forecasts for 2024 and 2025 are 5.518 billion yuan and 6.797 billion yuan in revenue, and 1.553 billion yuan and 2.003 billion yuan in net profit, respectively [6][9] - The company's gross margin is expected to be 45.3% in 2023, improving to 46.2% in 2024 and 46.7% in 2025 [6] - The earnings per share (EPS) for 2023 is estimated at 2.18 yuan, with projections of 2.91 yuan for 2024 and 3.75 yuan for 2025 [6][9] Market Dynamics - The global smartphone market is expected to recover, with an estimated 1.211 billion units sold in 2024, and 72% of those being 5G devices, which will drive demand for mobile RF front-end components [4] - Huawei's return to the high-end smartphone market is expected to further stimulate demand for domestic RF front-end components, with Huawei's 2023 sales reaching 36.51 million units, a year-on-year increase of 19.62% [4] R&D and Product Development - The company is focusing on high-end integrated modules and has seen an increase in the proportion of self-produced filters in its RF filter products [5] - The company is accelerating the development of its high-integration "pearl-type" L-PAMiD product, which is currently in the R&D phase [5]