Investment Rating - The report maintains a rating of "Accumulate" for the company [2] Core Views - The company is expected to see revenue growth from 2024 to 2026, driven by the gradual ramp-up of high-performance filter modules, with projected revenues of 5.08 billion, 6.12 billion, and 7.01 billion yuan respectively, reflecting year-on-year growth rates of 16%, 20%, and 15% [4] - The company has successfully developed the L-FEMiD, which supports the development of the L-PAMiD product, positioning it as a potential leader in the domestic PAMiD market [5] - The global RF front-end market is projected to reach 26.9 billion USD by 2028, and the company is well-positioned to capture a significant share of this market [6] Financial Summary - In 2023, the company reported total revenue of 4.38 billion yuan, with a year-on-year growth rate of 19.1% [2] - The net profit attributable to the parent company for 2023 is estimated at 1.14 billion yuan, with a year-on-year growth of 6.3% [2] - The company's gross margin for the first half of 2023 was 48%, with RF module products contributing 5.32 billion yuan to total revenue [4] - The company’s earnings per share (EPS) for 2023 is projected to be 2.13 yuan, with a price-to-earnings (P/E) ratio of 46.0 [2][6] Market Position - The company is recognized as a leading player in the semiconductor RF chip sector, with expectations to dominate the high-end RF front-end market [6] - The company’s RF module products are increasingly being integrated with self-produced filters, enhancing its competitive edge [4] Recent Developments - The company announced a stock incentive plan to grant 1.079 million restricted shares, accounting for 0.20% of the total share capital, aimed at middle management and key technical personnel [3]
高性能滤波器模组逐步放量，2024~2026年营收成长性确定