23Q2 业绩同环比双升，盈利能力大幅改善。23H1 公司实现营收1.81亿元，同比-24.25%，实现归母净利润-0.33 亿元，同比-636.54%，其中23Q2 营收1.22 亿元，同比+4.26%，环比+106.67%；归母净利润0.08 亿元，同比+815.59%，环比+119.04%；23Q2 石英晶体元器件产品实现出货量3.27 亿只，环比+98.18%，毛利率达22.70%，环比+35.44pct。Overview of events
On October 16th, Kechuangban Daily reported that large mobile phone SOC companies began to replenish inventory, and MediaTek was stocking old chips. Its revenue in the previous three quarters was NT $110 billion, up 12.1% from the previous quarter, and exceeded the forecast limit of NT $108.9 billion.
Analysis and judgment
23Q2's performance has risen double from the previous month, and its profitability has improved significantly. 23H1 achieved revenue of 181 million yuan, year-on-year-24.25%, net profit of-33 million yuan, year-on-year-636.54%, of which 23Q2 revenue was 122 million yuan, year-on-year + 4.26%, month-on-month + 106.67%; return-to-mother net profit was 8 million yuan, + 815.59%, + 119.04% 23Q2 quartz crystal components shipped 327 million pieces, with a month-on-month ratio of + 98.18%, a gross profit margin of 22.70% and a month-on-month ratio of + 35.44pct.
With the arrival of the traditional peak season, Huawei's new product catalysis is coming, and the recovery trend of terminal demand may continue, and the company's basic consumer electronics business is expected to be further repaired. According to BCI data, Huawei's sales share of mobile phones increased from about 10% before the release of the mate 60 series to 19.4% of the W40 (October 2-October 8), ranking first in the domestic market. In the past four weeks (W37-W40), the year-on-year growth rates were 91%, 46%, 83% and 95%, respectively.
Continue to break through high-end products and open up room for growth in new applications. As the first domestic company to achieve mass production and supply of high value-added products such as TSX thermal crystals and TCXO oscillators, 23H1 shipped a total of more than 110 million TSX thermal crystals and TCXO oscillators, which is + 13.4% from the same period last year. We believe that its permeability, especially in high-end smartphones, is expected to increase steadily in the future. On the client side, the company, as the only Chinese mainland company to enter MediaTek's mobile chip reference design list, its 52MHz thermal crystal products have passed the chip test of MediaTek's high-end 5G mobile phone platform. The company is also the first crystal oscillator manufacturer of Chinese mainland to enter the high-pass regulation-level chip certification reference design list, and is working closely with BYD, Guangzhou Automobile and other vehicle manufacturers.
Investment suggestion
Maintain the "overweight" rating. We estimate that the company's 23-25 net return profit will be-0.07 Universe 0.73 PE, compared with the same period last year + 94.8%, 1142.3%, 98.6%, corresponding to a PE of-0.03, 0.26, 0.52 and 24-25, which is valued at 24 times.
Risk hint
Domestic substitution is less than expected, product prices fluctuate and market competition intensifies.
