$MACOM Technology Solutions (MTSI.US)$In the March 2022 anal...

Launched in 2012, it mainly deals in the semiconductor solutions business. 48.3% of the market is in the US, and the current price is 87.05.

In the past 5 years, revenue grew in the middle of the first and last two years, with an average growth rate of only 2.6%. Operating profit reversed losses in 2020 due to improvements in gross margin, reached a high of 133 million yuan in 2022, contracted 19.1% in 2023, net profit reached 440 million in 2022 due to non-operating income and income tax subsidies, and fell back to 92 million in 2023. There are no interest charges in 2023. The gross margin increased from 44.2% to 60.2% in the past 5 years and then fell back to 59.5%, and the return on net assets was 10.2% in 2023.

2024Q1 continued the contraction trend of the previous two quarters, with revenue shrinking by 12.8%, operating profit shrinking by 71.5%, and net profit shrinking by 57.6%.

Currently, the price-earnings ratio is 67.6, and the price-earnings ratio is TTM83.2. Considering that it has been shrinking continuously for 3 quarters, it has begun to appear cyclically, and the valuation is not very attractive.