Shannon Semi(SZ:300475) Huaxin Securities·2024-06-05 12:30Investment Rating - The report maintains an "Accumulate" investment rating for the company [16]. Core Views - The company is positioned as a leading semiconductor authorized distributor, benefiting from strong partnerships with major manufacturers like SK Hynix and MTK, which contribute significantly to its revenue [16][10]. - The company has established a solid foundation in semiconductor distribution, with plans to expand into upstream sectors of the semiconductor industry, enhancing its overall competitiveness [7]. - The introduction of new products, particularly in eSSD and DRAM modules, is expected to open long-term growth opportunities [16]. Financial Forecast - The company’s projected revenue for 2024, 2025, and 2026 is estimated at 155.56 billion, 178.22 billion, and 203.21 billion yuan respectively, with corresponding EPS of 0.85, 1.01, and 1.15 yuan [9][16]. - The revenue growth rates are forecasted at 38.1% for 2024, 14.6% for 2025, and 14.0% for 2026, while net profit growth rates are expected to be 3.3%, 18.0%, and 14.6% for the same years [9][16]. - The current stock price corresponds to P/E ratios of 40.1, 34.0, and 29.6 for the years 2024, 2025, and 2026 respectively [16].