GUOXIN MICRO(SZ:002049) INDUSTRIAL SECURITIES·2024-05-16 06:32Investment Rating - The report maintains an "Accumulate" rating for the company [4][28]. Core Views - The company reported a revenue of 7.565 billion yuan in 2023, a year-on-year increase of 6.26%, while the net profit attributable to shareholders was 2.531 billion yuan, a decrease of 3.84% [4][6]. - In Q1 2024, the company experienced a significant decline in revenue, reporting 1.141 billion yuan, down 26.16% year-on-year, primarily due to insufficient downstream demand in the special integrated circuit business [4][11]. - The company has seen a notable growth in its smart security chip segment, which achieved a revenue of 2.842 billion yuan in 2023, marking a 36.67% increase year-on-year [4][14]. Financial Performance Summary - 2023 Annual Report: - Revenue: 75.65 billion yuan, up 6.26% YoY - Net Profit: 25.31 billion yuan, down 3.84% YoY - Basic EPS: 2.99 yuan, down 3.43% YoY [4][6][7]. - 2024 Q1 Report: - Revenue: 1.141 billion yuan, down 26.16% YoY - Net Profit: 3.07 billion yuan, down 47.44% YoY - Basic EPS: 0.36 yuan, down 47.04% YoY [4][11][12]. Segment Performance - Integrated Circuits: - Revenue: 73.30 billion yuan, up 7.72% YoY, accounting for 96.89% of total revenue [4][14]. - Special integrated circuits revenue: 44.88 billion yuan, down 5.02% YoY [4][14]. - Smart security chips revenue: 28.42 billion yuan, up 36.67% YoY [4][14]. - Electronic Components: - Revenue: 1.85 billion yuan, down 35.49% YoY [4][14]. Profitability Metrics - 2023 Overall: - Gross Margin: 61.19%, down 2.61 percentage points YoY - Net Margin: 33.49%, down 3.59 percentage points YoY [4][18]. - 2024 Q1: - Gross Margin: 57.67%, down 8.97 percentage points YoY - Net Margin: 26.89%, down 11.00 percentage points YoY [20]. Cash Flow and Working Capital - 2023 Cash Flow: - Operating cash flow: 1.772 billion yuan, up 2.63% YoY - Accounts receivable: 6.171 billion yuan, up 14.23% YoY [21][24]. - 2024 Q1 Cash Flow: - Operating cash flow: -0.272 billion yuan, down significantly YoY [21]. Client and Supplier Concentration - The sales to the top five customers accounted for 40.47% of total sales, a decrease of 2.28 percentage points YoY [25]. - Purchases from the top five suppliers accounted for 56.62% of total purchases, an increase of 3.36 percentage points YoY [25]. Earnings Forecast - The company’s projected net profits for 2024-2026 are 2.002 billion, 2.201 billion, and 2.603 billion yuan, respectively, with corresponding EPS of 2.36, 2.59, and 3.06 yuan per share [28].