Maxic Technology(SH:688458)2024-05-07 02:32Investment Rating - The report maintains a "Buy" rating for the company [3][13]. Core Views - The company's 2023 revenue was 472 million yuan, a year-on-year increase of 7.06%, with a net profit attributable to the parent company of 30.15 million yuan, down 42.67% year-on-year. The average ROE was 2.19% [3]. - In Q1 2024, the company reported revenue of 94.67 million yuan, an increase of 18.26% year-on-year, but a net loss of 13.26 million yuan, a decline of 193.9% year-on-year, primarily due to a decrease in gross margin to 22% [3]. - The company is launching a series of wireless charging products, including the world's first 30W/50W/100W wireless charging RTX chips, which meet advanced performance standards for various applications [4]. - The report highlights the potential for growth in the wireless charging and optical sensing chip markets, with significant increases in shipment volumes expected by 2025 [4][23]. Financial Summary - Total revenue for 2023 was 472 million yuan, with projections of 662 million yuan for 2024, 837 million yuan for 2025, and 1.11 billion yuan for 2026 [24]. - The net profit forecast for 2024 has been adjusted to 88 million yuan, with further projections of 109 million yuan for 2025 and 159 million yuan for 2026 [13][24]. - The company's PE ratio for 2024 is projected at 37.3X, compared to an average of 47.0X for comparable companies, indicating a potential upside of 26% [13].