Halo Micro(SH:688173) Huaxin Securities·2024-05-27 07:00Investment Rating - The report assigns a rating of "Accumulate (downgraded)" for the company Xidi Micro (688173.SH) [2] Core Views - The company's revenue and profit faced significant pressure in 2023, but a diversified layout provides new development opportunities [2] - In Q1 2024, the company experienced a substantial year-on-year revenue growth of 205.94%, driven by a recovery in the consumer electronics market and the continuous release of new products [2][17] - The company is focusing on expanding its customer base in both consumer electronics and automotive electronics, enhancing its market position [2][15] Summary by Sections Financial Performance - In 2023, the company achieved revenue of 394 million yuan, a year-on-year decline of 29.64%, and a net profit attributable to shareholders of -54 million yuan, an increase in loss of 39 million yuan [2] - For Q1 2024, the company reported revenue of 123 million yuan, with a net profit of 49 million yuan, marking a transition from loss to profit [2] Revenue and Profit Forecast - The forecast for the company's main revenue is 473 million yuan in 2024, 677 million yuan in 2025, and 1.393 billion yuan in 2026, with growth rates of 20.2%, 43.2%, and 105.7% respectively [6] - The net profit forecast shows a loss of 14 million yuan in 2024, a profit of 11 million yuan in 2025, and 106 million yuan in 2026, with growth rates of -73.7% and 823.8% respectively [6] R&D and Product Development - The company has significantly increased its R&D investment, with expenses reaching 237 million yuan in 2023, accounting for 60.32% of its revenue [16] - The newly developed voice coil motor driver chips have entered the supply chains of major consumer electronics clients, achieving a shipment value of approximately 252.48 million yuan in 2023 [16] Market Position and Strategy - The company is a key supplier in the mobile power management chip sector and is expanding into automotive electronics, with products meeting AEC-Q100 standards [15][16] - The strategy includes leveraging existing product lines to enhance market presence in consumer electronics while exploring new growth areas in automotive, communication, and storage sectors [17]