Event: when the company released its semi-annual report of 2023, the operating income in the first half of 23 was 181 million yuan,-38.37% compared with the same period last year, and the net profit was 28.97 million yuan,-75.77% compared with the same period last year. The net profit excluding the impact of share payment was 50.4919 million yuan,-58.18%.
The company actively expand the market, continue to launch differentiated new products, 23Q2 revenue, gross profit margin have achieved month-on-month growth.
In the first half of this year, the demand of the semiconductor downstream market is still low, the company actively adjusts the product structure, speeds up the market expansion, and the new signal chain products represented by operational amplifiers achieve a big increase in sales. 23Q2 achieved 105 million yuan in revenue, + 38.95% month-on-month, greatly improved quarter-on-quarter, and revenue basically returned to the 22Q3 level. According to the product category, the revenue of power management chips in the first half of the year was 92.7654 million yuan, and the gross profit margin was 41.70%, which was 6.67% lower than that in the second half of 22 years, mainly affected by industry competition. The revenue of the signal chain chip in the first half of the year was 87.8032 million yuan, and the gross profit margin was 57.28%, an increase of 3.31% over the second half of 22 years. The company's products have certain bargaining power in the downstream market segment. With the volume of high gross margin products, the company's gross profit margin has been increased. 23Q2 company's comprehensive gross profit margin is 50.06%, the gross profit margin is improved month-on-month, month-on-month ratio + 1.88pct, gross profit margin is at a higher level in the industry.
Looking forward to the second half of the year, the company continues to expand new products, with the recovery of downstream demand, the company's performance is expected to improve quarter by quarter. The company's new multi-channel LDO PMIC products will be introduced into major mobile phone brands, the ultra-high bandwidth analog switch with 11GHz will be extended to head communication customers, and a number of USB redriver products supporting USB3.1 5Gbps/10Gbps will also be released in the second half of this year. In the automotive field, 15A H bridge DC motor drive, high-speed analog switch, vehicle gauge operational amplifier, LDO and other products have been launched, followed by headlights and other products. In the server field also expanded the PCIE3.0 switch, I2C switch and other products.
Profit forecast: the 23-25 year revenue of the company is 5.36,8.25 and 1.091 billion yuan respectively, and the net profit is 1.28,2.02 and 272 million yuan respectively. Taking into account the recovery of demand and the company's active expansion of the market, we maintain the "buy" rating.
Risk tips: downstream demand recovery is not as expected, industry competition is intensified, customer expansion is not as expected.