BPSemi(688368) 中邮证券·2024-06-06 03:30Investment Rating - The report maintains a "Buy" rating for the company [3][4]. Core Views - The company is experiencing significant growth in its AC/DC power management chip segment, with synergies from the acquisition of Lingou Chuangxin's MCU product line. This has led to substantial breakthroughs in both small and large home appliance sectors [4]. - The company has successfully increased its market share in small appliances with brands like Joyoung and Bear, and has begun mass shipments to major appliance manufacturers [4]. - The company has completed the development of 21 DC/DC power chip products, with several already in mass production and entering international supplier lists [4]. - The financial projections indicate a recovery in profitability, with expected net profits of -0.4 million, 1.0 million, and 2.7 million yuan for 2024, 2025, and 2026 respectively [4][5]. Financial Summary - The latest closing price is 70.13 yuan, with a total market capitalization of 44 billion yuan [3]. - Revenue projections show a growth from 1,303 million yuan in 2023 to 2,648 million yuan by 2026, reflecting a compound annual growth rate (CAGR) of approximately 30.33% [5]. - The company is expected to achieve a positive EPS of 4.35 yuan by 2026, compared to -1.45 yuan in 2023 [5][7]. - The asset-liability ratio is projected to increase from 38.0% in 2023 to 47.8% in 2026, indicating a potential increase in leverage [5][7].