With the gradual pick-up of downstream demand, the company's 2023Q2 revenue increased significantly compared with the previous month. 2023H1 realized revenue of 181 million yuan,-38.37% of the same period last year, and net profit of 29 million yuan,-75.77% of the same period last year. Among them, the revenue of signal chain products is 88 million yuan, accounting for 48.63%, and that of power management products is 93 million yuan, accounting for 51.37%. In a single quarter, 2023Q2 achieved revenue of 105 million yuan,-20.54% compared with the same period last year, compared with + 38.95%, + 38.95%, + 38.95%,-65.59% and + 90.12% respectively.
Adhere to the development of characteristic products, and the gross profit margin increases quarter by quarter. 2023H1 has a gross margin of 49.28% and a net profit of 16.04%. Among them, the gross profit margin of signal chain products is 57.28%, and that of power management products is 41.70%. In a single quarter, the gross profit margins of the company's 2023Q1 and 2023Q2 are 48.19% and 50.06% respectively, and the gross profit margin has increased significantly compared with the previous quarter. Looking forward to the second half of the year, with the continuous introduction of new products, the gross profit margin is expected to maintain a steady increase.
Multi-downstream application field layout, characteristic products blossom more. The company adheres to the development strategy of "multi-market layout and stable development". Downstream applications cover consumer electronics, industrial control and security, lighting, communications and other fields. In 2023, the company launched multi-channel LDO PMIC to provide rich high current products for Camera peripheral power supply, which will be widely used in customers of major mobile phone brands; the ultra-high bandwidth analog switch with 11GHz will be extended to head communication customers.
Maintain high-intensity R & D investment and expand along the R & D path of its own advantages. 2023H1 incurred R & D expenses of 51 million yuan, + 75.36% compared with the same period last year, and the R & D expenditure rate was 28.42%. As of June 30, 2023, the number of R & D personnel of the company reached 136, which was + 67.90% compared with the same period last year. The company will continue to innovate along its own product research and development path, and continue to make breakthroughs in high-speed signal chain, high-precision sensor, motor drive and vehicle LED lighting product line.
With the development of automotive electronics, the product layout is gradually improved. In terms of automotive electronics, the company has launched products including the first domestic specification-grade 5.8GHz ultra-high-speed analog switch, the first domestic car body control 15AH bridge DC motor drive products and gauge operational amplifiers and voltage regulators and so on. In addition, the company will also carry out product layout along the full range of headlight solutions, including through taillight products with 12-16-24 channels, headlight products with multi-topology structure, headlight products with buck-boost structure, multi-channel LED matrix manager and integrated MCU atmosphere lights, etc.
Profit Forecast: we expect the company's 2023Universe 2024Universe net profit in 2025 to be 0.74 Universe 219 Universe 293 million, corresponding to the August 11 share price PE is 96-33-24 times, maintaining the "buy" rating.
Risk tips: new product research and development is not as expected, car regulation development is not as expected, and downstream demand continues to be weak.