MACMIC(SH:688711) Minsheng Securities·2024-04-29 12:00Investment Rating - The report maintains a "Recommended" rating for the company [1] Core Views - In 2023, the company achieved revenue of 1.505 billion yuan, a year-on-year increase 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 under pressure due to fluctuations in industry prosperity, high R&D expenses, and a resulting profit loss [1] - The company has made significant breakthroughs in photovoltaic and automotive applications, with revenue from photovoltaic products growing by 106.15% in 2023 and revenue from new energy vehicles increasing by 149.65% [1] - R&D investment increased by 68.17% in 2023, leading to the development of over 120 new products, focusing on key technologies for next-generation power chips [1] - The company is actively pursuing domestic substitution opportunities and has completed investment commitments for its new power semiconductor device industrial base and R&D center projects [1] Financial Summary - The company forecasts net profits attributable to shareholders for 2024, 2025, and 2026 to be 124 million yuan, 205 million yuan, and 282 million yuan respectively, with corresponding PE ratios of 32, 19, and 14 [1][10] - The projected revenue growth rates for 2024, 2025, and 2026 are 14.37%, 25.50%, and 28.10% respectively [10]