Southchip Semiconductor Technology(Shanghai) (SH:688484) GF SECURITIES·2024-03-20 16:00Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 47.89 CNY per share based on a 55x PE for 2024 [13][34]. Core Insights - The company achieved a revenue of 1.78 billion CNY in 2023, representing a year-over-year growth of 36.87%, and a net profit of 261 million CNY, up 6.15% YoY [2][12]. - The company is solidifying its leading position in the charge pump market and has a comprehensive coverage of power management chips for smartphones, with products capable of achieving up to 300W fast charging [3][12]. - The automotive electronics segment showed significant growth, with revenue reaching 31 million CNY, a YoY increase of 89.02%, and the company is expanding its product offerings in various automotive applications [12]. Financial Summary - The company forecasts a revenue of 2.30 billion CNY for 2024, with an expected EPS of 0.87 CNY per share [13][14]. - The gross margin for 2023 was 42.30%, slightly down by 0.74 percentage points YoY, indicating stable profitability [2][12]. - The company’s revenue growth rates are projected to be 29.3% in 2024, 28.2% in 2025, and 26.0% in 2026 [14].