BROADEX(300548) 长城证券·2024-05-08 07:02Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock price to outperform the industry index by over 15% in the next six months [30]. Core Views - The company faced significant pressure in Q1 2024, with revenue of 313 million yuan, a year-on-year decline of 38.46%, and a net profit attributable to shareholders of only 27,800 yuan, down 99.39% year-on-year [2][16]. - Continuous investment in R&D is driving product innovation, with R&D expenses of 28.54 million yuan in Q1 2024, a 4.43% increase year-on-year, representing 9.12% of revenue, up 3.75 percentage points year-on-year [3]. - The acquisition of Changxin Sheng in December 2023 is expected to enhance the company's market presence in telecommunications and data communication, as well as expand into consumer and industrial interconnect markets [3]. Financial Performance Summary - Revenue for 2022 was 1.685 billion yuan, with a growth rate of 46.0%. In 2023, revenue slightly decreased to 1.675 billion yuan, showing a decline of 0.6%. The forecast for 2024 is 2.174 billion yuan, indicating a growth rate of 29.8% [15]. - The net profit attributable to shareholders was 201 million yuan in 2022, dropping to 81 million yuan in 2023, a decline of 59.5%. The forecast for 2024 is 163 million yuan, with an expected growth rate of 99.9% [15]. - The company's gross margin is projected to improve from 19.4% in 2023 to 21.9% in 2024, while the net margin is expected to rise from 6.8% to 8.2% in the same period [8]. Future Outlook - The company is expected to achieve net profits of 163 million yuan, 213 million yuan, and 261 million yuan for the years 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 44, 33, and 27 times [16]. - The company is expanding its production bases both domestically and internationally, with facilities in locations such as Jiaxing, Chengdu, Hanchuan, Indonesia, and the UK, which are expected to enhance production capacity and meet customer demand [2][3].