需求疲软+去库周期，上半年业绩整体承压。2023 年上半年，终端需求不振致市场需求疲软，叠加行业去库周期，致公司产品需求有所下降；上半年公司实现营收6.49 亿元、同比-7.47%，毛利率为31.63%、同比-10.56pct。研发投入加大，毛利率下滑致公司利润下滑显著；2023H1 实现归母净利润-1.91 亿元、同比-303.14%。单二季度，公司实现营收3.48 亿元，同比-4.62%、环比+15.30%，公司二季度营收环比呈增长之势；归母净利润-1.34 亿元，二季度亏损环比有所扩大。Event description
On August 30, 2023, Javert announced the half-yearly report 2023. In the first half of 2023, the company achieved revenue of 649 million yuan, year-on-year-7.47%, return to the mother net profit-191 million yuan, year-on-year-303.14%. 2023Q2, the company achieved revenue of 348 million yuan, year-on-year-4.62%, month-on-month + 15.30%, return to the mother net profit-134 million yuan, loss expanded.
Event comment
Weak demand + destocking cycle, overall performance under pressure in the first half of the year. In the first half of 2023, the market demand was weak due to the lack of terminal demand, which superimposed the industry destocking cycle, resulting in a decline in the company's product demand; in the first half of the year, the company achieved revenue of 649 million yuan, year-on-year-7.47%, gross profit margin of 31.63%, year-on-year-10.56pct. The increase in R & D investment and the decline in gross profit margin led to a significant decline in the company's profit; 2023H1 achieved a net profit of-191 million yuan,-303.14% compared with the same period last year. In the second quarter alone, the company achieved revenue of 348 million yuan, year-on-year-4.62%, month-on-month + 15.30%. The company's revenue in the second quarter showed a trend of growth compared with the previous quarter; the net profit returned to the mother was-134 million yuan, and the loss in the second quarter expanded.
The industry continues to strengthen research and development during the trough, diversified product layout to create core competitiveness. 2023H1, the company's R & D expenditure is 233 million yuan, year-on-year + 37.57%, R & D personnel is 461, year-on-year + 35.19%, the company's R & D personnel account for 61.3%.
As a high-quality enterprise of analog chips, the company attaches great importance to technological innovation and technology reserve, and continuously improves the product category; during the reporting period, the company released a variety of automotive specification-grade step-down products on the DC-DC line, covering 5V, 36V and 60V applications; in computing applications, deepen cooperation with Intel and launch Intel? IMVP9.1/9 VRM overall solution, and a number of DrMOS and controller products to the market. The AC-DC line portfolio already includes PFC, AHB, ACF, ZVS, QR, PSR controllers, GaN sealing chips and protocol chips to promote the energy efficiency upgrade and miniaturization of power products. The linear power product line develops a variety of specification-level LDO products, which can be used in intelligent cockpit, auxiliary driving and other fields, and introduces a variety of ultra-low noise, high performance, high current LDO and a 18V/50A power tube integrated eFuse for server and communication applications. The BMS line launches 13 series of low system cost analog front ends. In terms of signal chain products, the company added clock products and linear products. The continuous enrichment of product categories is the core driving force for the sustainable development of the company.
Virtual IDM+ R & D capability, long-term deterministic growth of the company's performance. Adhering to the business model of virtual IDM, the company has built three types of process platforms: 0.18um 7 to 55V medium and low voltage BCD, 0.18um 10 to 200V high voltage BCD, and 0.35um 10 to 700V ultra-high voltage BCD; virtual IDM enabling, optimistic about the company's ability to continuously optimize costs. In terms of products, the company adheres to the layout of multi-downstream and full product categories; with the continuous enrichment of the company's power management and signal chain products, we believe that the company's medium-and long-term deterministic growth can be expected. The net profit of the company from 2023 to 2025 is-2.79,0.23,197 million yuan respectively, and the corresponding EPS is-0.63,0.05,0.44 yuan respectively, maintaining the "buy" rating.
Risk hint
1. The progress of product research and development and the lower-than-expected risk of market introduction
2. Simulate the risk of deteriorating competition in the industry.