Revenue in the second quarter increased by 39% month-on-month, and gross profit margin increased month-on-month. The company's 1H23 realized income of 181 million yuan (YoY-38.37%), net profit of 29 million yuan (YoY-75.77%), and non-return net profit of-7 million yuan (YoY-106.17%). Of these, 2Q23's revenue is 105 million yuan (YoY-20.5%, QoQ+39.0%), the net profit returned to the mother is 19 million yuan (YoY-65.6% Q QoQ + 90.1%), and the non-return net profit is + 3 million yuan (YoY-97.2% Q QoQ + 131.2%). The net profit of homing excluding share payment fees in the first half of the year was 50 million yuan (YoY-58.2%). In terms of profitability, the gross profit margin in the first half of the year decreased by 8.5pct to 49.28% compared with the same period last year, and the net profit margin decreased by 24.8pct to 16.0%. The gross profit margin of 2Q23 was 50.06% (YoY-8.1pct,QoQ + 1.9pct), and the net profit rate was 18.08% (YoY- 23.7pctQ QoQ + 4.9pct).
Revenue from the two major product lines declined in the first half of the year compared with the same period last year, and the multi-channel LDO PMIC will be applied to major mobile phone brands. In terms of products, the company's revenue from power management products in the first half of the year was 92.77 million yuan, down 44.32% from the same period last year, accounting for 51.37%, and the gross profit margin was 41.70%; the revenue from signal chain products was 87.8 million yuan, down 30.52% from the same period last year, accounting for 48.63%, and the gross profit margin was 57.28%. In the direction of product research and development, the company continues to expand and innovate in the direction of high speed, high precision, low power consumption and high power density, continue to broaden the product matrix, and continue to increase its share in consumer electronics, industrial control and security, lighting, communication equipment and other fields. For example, the company's new multi-channel LDO PMIC products mainly highlight the characteristics of high current, high PSRR, ultra-low output voltage and ultra-low noise. Provide rich high current products for Camera peripheral power supply, which will be widely used in customers of major mobile phone brands this year. The ultra-high bandwidth analog switch with 11GHz will be extended to head communication customers.
The new products have been successfully extended to the fields of automotive electronics and servers, and will continue to innovate along their own product path in the future. In the automotive field, the company has launched a series of products, including the first ultra-high-speed analog switch of 5.8GHz, the first 15A H bridge DC motor drive product for automobile body control, operational amplifier series products, voltage regulator series products and so on. On the server side, the company has launched a full range of switching solutions, including PCIE3.0 switches with high bandwidth of 11GHz, I2C switches with Reset function or I2C switches with 4 channels with interrupt input. In the future, the company will continue to innovate along its own product path, including motor-driven multi-series products, signal chain products, full range of headlights products, etc. The new products to be released in the second half of the year include various USB redriver products that support USB3.1 5Gbps/10Gbps, 3amp 4-channel high-precision temperature sensors and so on.
Investment advice: the company continues to expand new products, lay out multiple markets, and maintain its "buy" rating. We expect the company's 2023-25 return net profit to be 1.34 million yuan, 217pm, 291 million yuan, year-on-year growth rate-22.6 pounds, 61.7 percent, 33.8 percent, and PE, 0.53, 0.86 and 1.15 yuan, respectively, corresponding to the stock price on August 11, 2023. 3325x. The company continues to expand new products, layout multi-market, and maintain the "buy" rating.
Risk tips: new product research and development is not as expected; customer verification is not as expected; demand is not as expected.