SG Micro Corp(300661) 华金证券·2025-02-06 07:48Investment Rating - The investment rating for the company is "Accumulate (Maintain)" [5] Core Views - The company is expected to achieve significant profit growth in 2024, with a projected net profit of 449 to 533 million yuan, representing a year-on-year increase of 60% to 90% [1][10] - The fourth quarter of 2024 is anticipated to see a substantial increase in profit, potentially reaching a new high since Q4 2022, with a net profit forecast of 164 to 249 million yuan, indicating a year-on-year growth of 18.46% to 79.17% and a quarter-on-quarter growth of 54.66% to 133.93% [2][10] - The company is benefiting from the acceleration of domestic high-end analog chip localization, as the Chinese government has initiated anti-subsidy investigations against U.S. imports, which is expected to enhance the competitive landscape for domestic manufacturers [3][10] - The company has developed over 5,200 products across 32 categories, with performance metrics that match or exceed those of leading global analog manufacturers [4][10] Financial Data and Valuation - The projected revenue for 2024 is 3.259 billion yuan, with a year-on-year growth rate of 24.6%, and net profit is expected to be 502 million yuan, reflecting a growth of 78.7% [9][10] - The company’s gross margin is projected to improve from 49.6% in 2023 to 52.5% in 2024, and the net profit margin is expected to rise from 10.7% to 15.4% [9][10] - The price-to-earnings (P/E) ratio is forecasted to decrease from 83.3 in 2024 to 39.8 by 2026, indicating an improving valuation as earnings grow [9][10]