POCO(SZ:300811) Guotai Junan Securities·2024-04-26 07:32Investment Rating - The report maintains a "Buy" rating for the company [15][18]. Core Views - The company is experiencing rapid growth in chip inductor and powder product revenues, with expectations for continued growth in 2024 [15][18]. - The company has successfully developed custom chip inductors for AI applications, with production capacity expected to expand significantly [15][18]. - The report highlights the strong performance of the company's soft magnetic powder sales, which increased by 34.29% year-on-year [15][18]. Financial Summary - Revenue for 2023 is projected at 1,159 million, with a year-on-year increase of 8.71% [15]. - Net profit attributable to shareholders is expected to reach 256 million, reflecting a year-on-year growth of 32.48% [15]. - The company’s EBIT is forecasted to be 303 million, indicating a growth of 27% [15]. Valuation Metrics - The target price for the company has been raised to 68.40, up from the previous estimate of 50.80 [15][18]. - The report assigns a higher than industry average PE ratio of 40 for 2024, reflecting the company's rapid growth in the chip inductor segment [15][18]. - The average PE for comparable companies in the industry is noted to be 35.03 [18]. Growth Projections - The company anticipates a revenue increase to 1,444 million in 2024, with further growth expected to 2,316 million by 2026 [15][16]. - The net profit is projected to grow to 340 million in 2024 and 572 million by 2026 [15][16]. - The report indicates that the company will continue to capture market opportunities, particularly in the chip inductor and soft magnetic powder sectors [15][18].