光传感系列产品持续量产，Q1 导入多家手机客户。公司跨学科开发融合了数模混合 SoC 芯片、光路设计、封装设计、VCSEL、PD 工艺、镀膜技术、图像处理技术为一体的传感器产品。基于自研的光电工艺和镀膜技术，推出多款光学传感器，实现信号链快速布局，应用领域广泛。具体而言，以光传感为代表的信号链产品系列，如入耳检测传感、窄缝三合一传感、业内首款应用于偏振光表冠等芯片均已量产。一季度，公司光学传感产品设计进入多家手机客户并进入量产交付，实现销售收入1027.62 万元。Incident: Maxinsheng released its 2024 quarterly report. Q1 achieved operating income of 94.6749 million yuan, an increase of 18.26% over the previous year, and net profit of 13.2639 million yuan to the mother.
Q1 Performance is under pressure, and high R&D erodes profit performance. Q1 achieved operating income of 94.6749 million yuan, up 18.26% year on year; gross profit margin of 21.99%, down 6.06 pct from month to month; net profit to mother of 13.2639 million yuan.
Revenue growth slowed year-on-year, and gross margin declined month-on-month. We believe that losses occurred mainly due to the impact of the off-season, such as LED drivers, etc., and due to the company's continued high investment in R&D, increasing the development of a full range of products for wireless charging, wired fast charging, and automotive lighting, and entering mass production, R&D technology investment and talent team building for optical sensing and vehicle grade products, eroding the company's profit performance.
The light-sensing series products continued to be mass-produced, and Q1 introduced a number of mobile phone customers. The company develops sensor products integrating digital-analog hybrid SoC chips, optical path design, package design, VCSEL, PD process, coating technology, and image processing technology across disciplines. Based on self-developed optoelectronic technology and coating technology, various optical sensors have been launched to achieve rapid signal chain layout and a wide range of applications. Specifically, signal chain product lines represented by optical sensing, such as in-ear detection sensors, narrow-slit three-in-one sensors, and the industry's first polarized light crown, have all been mass-produced. In the first quarter, the company's optical sensor product design entered many mobile phone customers and entered mass production and delivery, achieving sales revenue of 10.2762 million yuan.
Automotive electronics are highly collaborating with existing product lines and developing new CAN SBC chip products. The company uses rich and mature chip design and mass production experience in consumer and industrial application scenarios. On the one hand, the main layout is highly collaborative with existing consumer product lines, such as automotive wireless charging, automotive lighting, and rain/fog detection light sensing. In 2023, the vehicle wireless charging transmitter chip has passed the AEC-Q100 vehicle regulation certification and has been verified and tested at several car manufacturers. On the other hand, the company cooperated with leading new domestic car companies to develop system basic chips (CAN SBC chips) for automotive-grade applications. Currently, this field is monopolized by overseas manufacturers, and the overall R&D and testing of this product is progressing smoothly.
Investment advice: We expect the company's net profit to be 0.54/0.79/137 million yuan in 2024-26, corresponding to 60/42/24 times PE. We believe that the company has obvious competitiveness in the field of wireless charging chips, and has entered the optical sensing and CAN SBC blue ocean markets, and the growth path is clear. Maintain a “Recommended” rating.
Risk warning: risk of declining gross margin of LED lighting driver chips; risk of market expansion of wireless charging series products falling short of expectations; risk of deteriorating competitive landscape.