SG Micro Corp(SZ:300661) Guoxin Securities·2024-04-29 02:00Investment Rating - The report maintains a "Buy" rating for the company [1][4][17] Core Views - The company achieved a revenue of 2.616 billion yuan in 2023, a year-on-year decrease of 17.94%, with a net profit attributable to shareholders of 281 million yuan, down 67.86% year-on-year [1] - In the first quarter of 2024, the company reported a revenue of 729 million yuan, representing a year-on-year growth of 42% [1] - The company has increased its R&D investment, launching over 900 new products in 2023, with R&D expenses rising by 18% to 737 million yuan [1] - The company is positioned as a platform enterprise for analog chips, with projected net profits of 478 million yuan, 772 million yuan, and 1.057 billion yuan for 2024, 2025, and 2026 respectively [1][2] Financial Performance Summary - Revenue (in million yuan): 2022: 3,188; 2023: 2,616; 2024E: 3,226; 2025E: 3,915; 2026E: 4,711 [2] - Net profit (in million yuan): 2022: 874; 2023: 281; 2024E: 478; 2025E: 772; 2026E: 1,057 [2] - Gross margin decreased by 9.4 percentage points to 49.60% in 2023 due to market competition and product structure changes [1] - The company has a projected PE ratio of 71, 44, and 32 for the years 2024, 2025, and 2026 respectively [1][2]