Maxscend Microelectronics Company Limited(SZ:300782) GF SECURITIES·2024-03-31 16:00Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 143.14 CNY per share based on a 50x PE ratio for 2024 [3][6]. Core Insights - The 2024 stock incentive plan expands the scope of incentives, proposing to grant 1.079 million restricted shares, accounting for approximately 0.2% of the company's total equity. Cumulatively, the stock involved in incentive plans from 2020 to 2024 represents about 0.70% of the total equity. The plan targets up to 237 individuals, including technical directors and key personnel, to enhance talent retention and stability for long-term development [1][2]. - The performance assessment goals reflect confidence in long-term steady growth. The revenue targets for 2023-2025 are set at 4.23 billion, 5.08 billion, and 6.09 billion CNY, respectively. The 2024-2025 targets remain consistent, with a 2026 revenue goal of 7.01 billion CNY, implying year-on-year growth rates of 16.0%, 20.0%, and 15.0% for 2024-2026. The company aims to leverage domestic substitution trends and its technological foundation to drive growth through RF modules and semiconductor production [1][2]. - Earnings forecasts predict EPS of 2.18, 2.86, and 3.57 CNY per share for 2023, 2024, and 2025, respectively. The company is expected to maintain strong growth, with a projected PE ratio of 50x for 2024, leading to a reasonable value of 143.14 CNY per share [2][3]. Financial Summary - Revenue is projected to grow from 4.38 billion CNY in 2023 to 5.30 billion CNY in 2024, reflecting a year-on-year growth rate of 21.1%. The net profit is expected to increase from 1.165 billion CNY in 2023 to 1.528 billion CNY in 2024, with an EPS forecast of 2.86 CNY per share for 2024 [2][6]. - The company's EBITDA is anticipated to rise from 1.881 billion CNY in 2023 to 2.596 billion CNY in 2024, indicating a strong operational performance [2][6].