MACMIC(SH:688711) Minsheng Securities·2024-04-28 00:00Investment Rating - The report maintains a "Recommended" rating for the company [1][2] Core Views - The company achieved a revenue of 1.505 billion yuan in 2023, representing a year-on-year growth of 62.48%, and a net profit attributable to shareholders of 116 million yuan, up 47.63% year-on-year. However, in Q1 2024, revenue dropped to 246 million yuan, a decline of 25.59% year-on-year and 33.27% quarter-on-quarter, with a net profit of -2 million yuan, down 105.56% year-on-year and 105.60% quarter-on-quarter [1] - The company's performance in Q1 2024 was impacted by fluctuations in industry conditions, leading to pressure on revenue and gross margin, while high R&D expenses contributed to the loss [1] - The company made significant breakthroughs in the photovoltaic and automotive sectors, with revenue from photovoltaic products growing by 106.15% in 2023 and automotive revenue increasing by 149.65% [1] - R&D investment increased by 68.17% in 2023, resulting in over 120 new products, and the company is focusing on key technologies for next-generation power chips [1] - The company is actively pursuing domestic substitution opportunities and has completed investment commitments for projects aimed at expanding production capacity [1] Summary by Sections Financial Performance - In 2023, the company reported total revenue of 1.505 billion yuan and a net profit of 116 million yuan. The projected revenues for 2024, 2025, and 2026 are 1.654 billion yuan, 2.076 billion yuan, and 2.659 billion yuan, respectively, with growth rates of 9.9%, 25.5%, and 28.1% [4] - The net profit attributable to shareholders is expected to be 69 million yuan in 2024, 131 million yuan in 2025, and 186 million yuan in 2026, with growth rates of -40.7%, 89.9%, and 42.5% [4] R&D and Product Development - The company has increased its R&D spending significantly, focusing on innovative technologies and expanding its product offerings across various sectors, including new energy vehicles and renewable energy [1] - The company has established collaborations with domestic and international research institutions to enhance its technological capabilities [1] Market Position and Future Outlook - The report anticipates that the company's net profit will reach 0.69 billion yuan in 2024, with corresponding PE ratios of 55, 29, and 20 for the years 2024, 2025, and 2026 [1][4] - The company is well-positioned to capitalize on the growing demand for power semiconductor devices, particularly in the automotive and renewable energy sectors [1]