SG Micro Corp(SZ:300661) KAIYUAN SECURITIES·2024-04-30 06:30Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company experienced a revenue and profit recovery in Q1 2024, with a year-on-year revenue increase of 42.03% and a net profit increase of 80.04% [5][6] - The company is expected to benefit from the recovery in the consumer electronics, automotive electronics, and AI chip sectors, leading to a positive outlook for 2024-2026 [5][6] - The company has maintained a strong focus on R&D, with R&D expenses increasing by 17.78% year-on-year, reflecting confidence in long-term growth [6] Financial Performance Summary - In 2023, the company achieved a revenue of 2.616 billion, down 17.94% year-on-year, and a net profit of 281 million, down 67.86% year-on-year [5][7] - For Q1 2024, the company reported a revenue of 729 million, up 42.03% year-on-year, and a net profit of 54 million, up 80.04% year-on-year [5][7] - The gross margin for Q1 2024 was 52.49%, showing a slight improvement from the previous quarter [5][6] Product Development and Market Position - The company launched over 900 new products in 2023, focusing on high precision and advanced technology, enhancing its product matrix [6] - The R&D team has grown to 1,029 employees, accounting for 72.72% of the total workforce, indicating a strong commitment to innovation [6] Earnings Forecast - The company is projected to achieve net profits of 335 million, 770 million, and 1.179 billion for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.71, 1.64, and 2.51 [5][7]