采购策略调整等因素，公司配套DDR5内存模组的SPD产品销量及收入大产品结构变化同时也导致盈利能力大幅波动，归属于上市公司股东的净利润为1.00亿元,同比下滑71.030，-tN中I入562亿元，同比-34.24%，毛利率为51.82%，同比减少19.55pct，公司1.2V智能手机摄像头EEPROM为代表的新一代产品销重及以八买现队人动林片·公EEPROM产品汉惑杆T1 &V逻辑电平自适应中置开坏首国Q87亿元，同比+52.46%，毛利率为13.91%，问比微少3元p同比-32.68%，毛利率下游终端市场短期需求紧缩，实现营收0.53亿元，同比-22.68%，毛利率为43.76%，同比减少10.53pct。公司持续加大研发投入，2023年销售/管理/财务/研发费用率分别同比变动1.20pct/1.65pct/0.96pct/9.19pct。Incidents:
The company published its 2023 annual report and 2024 annual report. 2u25 Pingfeng L-162062024 was 703 million yuan, -28.25% YoY; net profit to mother was 100 million yuan, -71.63% YoY. In the first quarter of 2024, the company achieved revenue of 24.1 million L and net profit of -20/y net profit of 51 million yuan, +138.05% YoY/+184.76% YoY.
SPD sales declined sharply due to poor downstream prosperity, putting pressure on the company's performance in 2023.
Due to factors such as procurement strategy adjustments, the sales volume and revenue of the company's SPD products supporting DDR5 memory modules also led to large fluctuations in profitability. Net profit attributable to shareholders of listed companies was 100 million yuan, a year-on-year decline of 71.030 billion yuan. -TN China's revenue was 54.24% year-on-year, gross margin was 51.82%, a year-on-year decrease of 19.55 pct. The sales volume of next-generation products represented by the company's 1.2V smartphone camera EEPROM and the sales volume of the new generation of products represented by the company's 1.2V smartphone camera EEPROM also led to large fluctuations in profitability. The first country's Q8.7 billion was bad in adaptive logic levels, +52.46% year over year, gross margin was 13.91%. The ratio was slightly less than 3 yuan p -32.68% year over year. Short-term demand contracted in the downstream terminal market with gross margin, achieving revenue of 53 billion yuan, -22.68% year over year, gross margin was 43.76%, a decrease of 10.53 pct year on year. The company continued to increase investment in R&D, and the sales/management/finance/R&D expenses ratio changed by 1.20pct/1.65pct/0.96pct/9.19pct year-on-year in 2023, respectively.
Downstream market demand gradually picked up, combined with product structure optimization, and 24Q1 profitability was greatly improved.
Entering the first quarter of 2024, demand in the downstream application market gradually picked up, and the company's major product lines grew well. The company achieved operating income of 247 million yuan, 72.49% YoY/+22.52% YoY; net profit attributable to shareholders of listed companies was 51 million yuan, +138.05% YoY +184.76%. Specifically, in terms of each product line, (1) SPD: As downstream memory module manufacturers' inventories gradually improved, and the penetration rate of DDR5 memory modules increased significantly from the fourth quarter of 2023, Q1's SPD product sales increased sharply year on year; (2) The company's industrial-grade EEPROM products and voice coil motor driver chip products: Benefiting from successful iteration of the product line, product shipments grew rapidly year on year; (3) NorFlash: Among NorFlash products developed in-house by the company based on the NORD process platform, 512 Kb-32 Mb capacity products have been shipped in large quantities, and 64Mb-128Mb products have successfully completed streaming, and Q1 sales volume has reached nearly 70% of the full year of 2023; (4) Automotive-grade EEPROM: The company actively expands key overseas markets such as Europe, South Korea, and Japan, cooperates closely with mainstream domestic and foreign automobile manufacturers and many industry-leading automotive electronics Tier 1 suppliers, and the shipment volume of automotive-grade EEPROM products achieved rapid year-on-year growth. Q1's product structure was optimized, and the sales share of SPD products and products used in high-value-added markets such as automotive electronics and industrial control increased, and profitability increased significantly. The gross margin for the single quarter was 54.62%, +7.03pct year on year.
Investment advice:
We expect the company's revenue in 2024-2026 to be 1,045/13.80/1,695 billion yuan, respectively, and net profit to mother will be 3.40/4.79/627 million yuan respectively. Corresponding to the current stock price PE is 24/17/13x, respectively, covered for the first time, and given a “buy” rating.
Risk warning:
Risk of R&D progress falling short of expectations, risk of fluctuations in business performance due to changes in downstream market demand, risk of international trade friction, etc.
