事件
　　公司发布2024年半年度报告，上半年实现营业收入1.55亿元，同比增长42.61%，综合毛利率42.86%，同比下降1.55%，归母净利润-1.08亿元；单季度看，Q2实现营收0.82亿元，环比增长13.25%，综合毛利率44.39%，环比提升3.28%，归母净利润-0.54亿元。
　　投资要点
　　下游需求复苏叠加新品放量，步入新成长周期。市场需求持续复苏叠加公司近年推出的2.5G网通以太网物理层芯片等新产品经下游用户陆续验证导入，销售放量增长，公司上半年实现营业收入1.55亿元，同比增长42.61%，综合毛利率42.86%，同比下降1.55%，归母净利润-1.08亿元；单季度看，Q2实现营收0.82亿元，环比增长13.25%，综合毛利率44.39%，环比提升3.28%，主要系工规产品下游恢复拉货，归母净利润-0.54亿元，受上年人员规模逐步扩大的影响，本期研发费用和销售费用等较上年同期增加。
　　前期投入步入收获期，2.5GPHY开始上量。2024年上半年，公司2.5G网通产品项目实现了3,870.94万元的营业收入。同时，公司千兆网通以太网物理层芯片也正不断完善产品种类，目前已有单口、2口、4口和8口等同一速率下不同端口数的产品。此外，公司已量产出货5口、4+2口、8口以太网交换机芯片（目前单口速率千兆/2.5G），预计2024年整个网通以太网交换机芯片也将持续推出新品并实现该产品线各类产品进一步放量。
　　汽车智能化网联化推进，车载以太网需求持续增长。随着汽车智能化网联化的深入发展，各汽车厂商的成本竞争压力增大，车载以太网将带来更多的成本优势，车载以太网作为汽车主干网络的应用将更加紧迫。目前，公司的车载百兆以太网物理层芯片已实现规模量产，车载千兆以太网物理层芯片已提前量产出货，2024年上半年实现了51.32万元的营业收入。此外，公司积极布局车载以太网交换机及网关芯片等，打造完整车载以太网生态，为车载以太网渗透率大规模提升做好准备。
　　投资建议：
　　我们预计公司2024-2026年归母净利润-2.2/-1.3/0.2亿元，维持“买入”评级。
　　风险提示：
　　市场复苏不及预期；竞争格局加剧风险；产品研发及技术创新不及预期；客户导入不及预期。

1Q24 revenue rose notably
Motorcomm’s 2023 revenue fell 32.1% yoy to RMB274mn, the attributable net loss was RMB150mn (2022: RMB0.41mn). For 4Q23, revenue rose 5% yoy to RMB110mn but the attributable net loss widened by 28.2% yoy to RMB10.29mn. For 1Q24, revenue rose 35.8% yoy to RMB72.53mn while the attributable NP fel l 101.1% yoy to RMB-54.15mn. We project attributable NP for 2024/2025/2026 at RMB-256/-236/-112mn. Given the scarcity of Ethernet PHY among domestic listed players and growth potential in the switch chip/auto-grade chip segments, we value the stock at 18.0x 2024E PS, above its peers’ average of 11.4x on Wind consensus. Our target price is RMB90.73 (previous: RMB134.00). BUY.
2023 review: profits dented by downstream clients’ destocking
By product: 1) 2023 revenue from industrial-grade chips fell 57% yoy to RMB107mn, mainly due to clients’ high inventory and notable order declines in full-year 2023; 2) 2023 revenue from consumption-grade chips fell 0.7% yoy to RMB102mn; 3) 2023 revenue from auto-grade chips fell 28.7% yoy to RMB3.05mn. R&D expenses for 2023 were RMB220mn (+64% vs 2022), with the ratio at 81.1%. The company speeded up R&D for new products such as auto-grade PHY chips/multi-port switch chips. New arrivals that entered mass production at end-2022 (2.5G Ethernet PHY chips/5-port switch chips/gigabit Ethernet PHY chips) recorded revenue of RMB41.99mn, against headwinds.
2024 prospects: destocking to end, new-arrival sales to ramp up
Downstream customer destocking is gradually drawing to a close. For 1Q24, revenue grew 35.8% yoy to RMB72.53mn. With ongoing new-arrival launches, we expect 5-port/4+2-port/8-port Ethernet switch chips and auto-grade gigabit Ethernet PHY chips, which entered mass production in 2023, to generate earnings in 2024. Based on its annual report, 2023-2026 is its third period of intensive R&D, focusing on adding 2.5G Ethernet communication chips/up to 24-port Ethernet switch chips/5G & 10G Ethernet PHY chips/auto-grade Ethernet switch chips/automotive high-speed video transmission chips/auto-grade gateway chips. We thus expect R&D expenses to continue to rise in 2024.
Target price of RMB90.73, maintain BUY
We project attributable NP for 2024/2025/2026 at RMB-256/-236/-111mn. Given the scarcity of Ethernet PHY among domestic listed players and growth potential in the switch chip/auto-grade chip segments, we value the stock at 18.0x 2024E PS, above its peers’ average of 11.4x on Wind consensus. Our target price is RMB90.73 (previous: RMB134.00). Maintain BUY.
Risks: intensifying competition; product development falling behind schedule; high client concentration; core technical staff leaving.

3Q23 earnings under short-term pressure
Motorcomm's 3Q23 revenue/attributable NP were RMB+56.35/-57.06mn (-47.7% yoy, +2.4% qoq/-640.6% yoy, -2.2% qoq). The earnings decline was mainly due to client destocking amid soft demand. However, we expect revenue to recover gradually with sales ramping up for new products and the end of destocking in 2024. Our 2023E-2025E revenue estimates are unchanged. We lift our R&D expense ratio forecasts due to the company’s focus on R&D. Given the scarcity of Motorcomm’s Ethernet PHY layer/switch chip businesses and its growth potential in switch/automotive Ethernet chips, we value the stock at 21.4x 2024E PS, above its peers’ average of 11.8x on Wind consensus. Our unchanged target price is RMB134. BUY.
3Q23: downstream client destocking amid soft demand
Earnings were under pressure in 3Q23, mainly affected by macro headwinds and cyclical fluctuations, as well as downstream client destocking amid sluggish market demand. For 3Q23, the GPM rose 4.1pp qoq to 39.3%, owing mainly to a favorable product mix. Shipments of high-GPM industry-grade chips were buoyant in 2022, but inventory pileup in downstream industry-grade clients was notable in 2023, and iteration of industry-grade products has been slow. We therefore estimate rising revenue contributions from low-GPM commercial-grade products reducing the company’s 2023E GPM to 39.4%.
3Q23: focusing on R&D and product portfolio diversification
Motorcomm strategically pivoted towards R&D, investing in new production lines and high-speed wired communication chips due to stagnant demand since 2023. R&D expenses increased in 9M23, at RMB37.86/60.36/64.58mn for 1Q23/2Q23/3Q23, with expense ratios at 71/110/115%, driven by efforts to attract technical talent and invest in engineering and testing. Its pre-research for 5G and 10G PHY testing chips and TSN switch chips has been completed. Early-stage R&D for two-port gigabit PHY chips, 4+2-port switching chips, and 8-port switching chips has been finished, with mass production of samples scheduled for end-2023. The company’s automotive gigabit PHY chips were well received, with sample chips set for mass production at end-2023.
2024: end of destocking and sales ramp-up to boost revenue
According to the investor relations record, most of the company’s clients are still consuming inventory in 1H24, and we expect the situation to improve in 2H24. With the end of downstream client destocking, rising demand for Ethernet PHY chips and sales ramping up of the company’s auto-grade Ethernet chips and switch chips, we think Motorcomm should see revenue recover in 2024.
Risks: intensified competition; disappointing R&D progress; heavy reliance on a few customers; loss of key technical staff.

Rare Ethernet PHY chip manufacturer in China
We are optimistic about the development of Motorcomm Electronic Technology (MET), a rare Ethernet physical layer (PHY) chip manufacturer in China. 1) PHY chips: driven by a chip shortage, sales of its 1,000M PHY chips have rapidly increased, with sales of multi-port/2.5G chips poised to rise in the future, in our view. 2) Switch chips: we expect sales of its 5-port/4+2-port & 8-port switch chips to ramp up in 2023/2024. 3) Automotive PHY chips: the company focuses on R&D of automotive PHY chips, automotive TSN switch chips, and gateway chips. Given the scarcity of MET’s Ethernet PHY/switch chip businesses among listed peers in China, as well as its strong revenue growth potential, we value the stock at 21.4x 2024E PS, above its peers’ average of 11.5x on Wind consensus. Our target price is RMB134. Initiate at BUY.
Sales ramp-up of 2.5G/switch chips fueling short-term earnings
In the medium to short term, we estimate MET’s revenue growth being driven by PHY chips and switch chips. 1) PHY chips: with rising demand for supply chain localization, sales of MET’s industry-/commercial-grade chips should, in our view, continue to ramp up with the introduction of new products and the company’s product shipments to customers. 2) Switch chips: starting its business with PHY chips, MET has expanded into the upstream switch chip segment, with a focus on household/commercial network equipment with fewer than 48 ports. Its major clients are leading manufacturers in China.
Sales ramp-up of auto Ethernet chips to propel long-term earnings
Since initiating auto-related technology development in 2017, MET has navigated its automotive-grade chips through rigorous testing by Communication & Systems Group (Germany). Becoming a supplier for renowned automakers such as GAC, BAIC, SAIC, Geely, and FAW-Hongqi positions MET well for substantial long-term earnings growth, in our view.
Robust competitive advantage in mass production capability
MET has a robust competitive advantage in the Ethernet PHY chip market, highlighted by two key factors. 1) It collaborates with Huawei, pioneering mass production of carrier-grade PHY chips in data communications. 2) It has multiple key accounts and recorded rapid sales growth for industry-/commercial-grade PHY chips. For automotive PHY chips, MET and JLSemi are the only entities capable of mass producing automotive-grade PHY chips, reflecting a pronounced first-mover advantage.
Risks: intensified market competition; disappointing R&D progress; heavy reliance on a few customers; potential loss of key technical staff.

　　事件：2024年4月28日，裕太微发布2023年年度报告及2024年第一季度报告，2023年全年实现营业收入2.74亿元，yoy-32.13%，实现归母净利润-1.50亿元，相比2022年全年下降1.50亿元；2024年第一季度实现收入7253.15万元，yoy+35.81%，实现归母净利润-5414.67万元，相比去年同期下降2721.51万元。
　　23年业绩承压下滑，24年业绩指引良好。公司2023年全年实现营业收入2.74亿元，yoy-32.13%，实现归母净利润-1.50亿元，相比2022年全年下降1.50亿元；实现毛利率52.38%，yoy+5.37pct。自下半年以来，市场需求逐步复苏及客户库存逐步优化，公司业绩逐季度复苏，特别是Q4营收1.09亿元，环比增长92.95%。展望2024年，公司预测随着半导体周期性触底回升，公司新品逐步放量，各行设备更新迭代的政策出台，以及行业应用领域的拓展，2024年公司的整体营收同比有望实现较大增幅。
　　逆势加大研发投入，深耕接口领域。在2023年全年业绩及市场情况承压的情况下，公司逆势加大研发投入，全年研发费用2.22亿元，同比增长63.97%。研发投入主要针对2.5G系列网通产品、24口及以下网通交换机芯片、5G/10G网通以太网物理层芯片、车载以太网交换机芯片、车载高速视频传输芯片、车载网关芯片。值得注意的是，公司以太网物理层芯片已通过AECQ100Grade1及多项国内外权威测试，并成功导入国内外知名车厂平台。其他产品预计也将陆续于2024年到2026年量产出货，有望带动营收快速提升。
　　产品布局日趋完善，新品放量带动成长。公司已形成网通以太网PHY、交换机芯片、网卡芯片、车载以太网PHY、车载以太网交换机芯片、车载网关芯片、车载高速视频传输芯片等7条产品线。其中网通以太网PHY、网通交换机芯片、网卡芯片和车载以太网物理层芯片均已实现规模量产。公司于2021年下半年开启动2.5G网通以太网物理层芯片、五口网通以太网交换机芯片、千兆网通以太网网卡芯片和车载千兆以太网物理层芯片的研发工作，此三款产品在2023年逆势实现4199.10万元收入，由此开始进入研发收获期，公司预计2024年三款新品将进一步放量。
　　投资建议：公司作为国内以太网物理层芯片稀缺标的，横向拓展交换芯片、网关芯片等，纵向推进5G以上更高速率PHY芯片研发。目前行业景气度迎来复苏，新品有望逐渐放量贡献成长动能。预计2024-2026年公司营收4.21/7.44/11.35亿元，当前市值对应PS为13/7/5倍，维持“推荐”评级。
　　风险提示：新产品研发不及预期的风险、行业竞争加剧的风险、下游市场需求增长不及预期的风险。