Dongxing Securities Co., Ltd.: Maintains Maxscend "Buy" rating, optimistic about the company's growth potential as an industry leader in the future

Soochow Securities' research report points out that the domestic production and performance iteration of L-PAMiD injects growth potential, driving Maxscend's mass production delivery to explore new space. Maxscend's L-PAMiD products have successfully passed product verification from some mainstream customers and have entered the mass production delivery stage. L-PAMiD is a pearl-like product that supports the company's future revenue growth, mainly consisting of a receiving and transmitting module that integrates RF low-noise amplifiers, RF power amplifiers, RF switches, duplexers/triplexers, and other devices. It is currently the industry's first series of products to achieve a fully domestic supply chain. This product is currently being delivered in small batches to some customers, and it is expected to enter the ramp-up phase in the second half of the year, likely opening up new growth space for the company. Additionally, the improvement in the utilization rate of the 6/12-inch production line and cost optimization injects profit momentum, helping Maxscend's gross margin stabilize and recover. Based on the company's announcement, the overall market demand for the RF front-end chip industry chain is showing a seasonal downturn, lowering the company's 2025-2026 revenue forecast to CNY 4.599 billion / 5.450 billion, with a new revenue forecast for 2027 of CNY 6.349 billion. The company's net profit attributable to the parent is also revised down to CNY 303 million / 723 million for 2025-2026, with a new forecast for 2027's net profit attributable to the parent at CNY 1.117 billion. The report remains optimistic about the company's growth potential as an industry leader and maintains a "Buy" rating