技术水平持续提升，高端产品不断取得突破。1）持续加大研发投入。高端MLCC 中试平台、高端电子材料平台、薄膜微纳平台、可靠性检测分析平台均完成建设投入使用，进一步夯实了材料、工艺和产品的全产业链自主研发能力。2）解决多个关键材料难题。国内首次开发出基于新型介质材料的高耐压高可靠性瓷粉，中高容MLCC 耐压及可靠性大幅提升；国内首次突破厚膜电阻贱金属电极浆料的研发及应用，成功推出铜电极低阻电阻；高频电感用内电极浆料实现量产。3）突破多项高端产品关键技术。国内首家完成高端通讯领域典型规格0603X106M350N、0603X226M100N 的研发，工业级中高压产品0805B105K101N 达行业最高电压水平。Incident: On July 10, 2024, the company released the 24H1 performance forecast. 24H1 is expected to achieve net profit of 0.185-0.235 billion yuan, +117.47%-176.25% year-on-year; after deducting non-net profit of 0.195-0.245 billion yuan, +142.24%-204.35% year-on-year. Looking at a single quarter, 24Q2 achieved net profit of 0.112-0.162 billion yuan, +318.89%-505.75% year-on-year, and +53.72%-122.29% month-on-month.
The performance exceeded market expectations. 24H1's performance has increased dramatically, mainly due to: 1) Revenue side: Thanks to the continuous improvement in market demand and the company's continuous strengthening of market expansion, the share of core customers and high-end market application areas continues to increase, and production and sales of main products have continued to grow steadily. 2) Cost side: The company comprehensively promotes cost reduction and efficiency through a project-based management model, improves the efficiency of cost management and control, and reduces operating costs.
New production capacity was released in an orderly manner, and the operating rate remained at a high level. 1) Resistors: The company's “New Technology Improvement and Production Expansion Project for 28 billion chip resistors per month” has met the design capacity planning requirements; 2) Capacitors: the first phase of the “High-end Capacitor Base Construction Project in Xianghe Industrial Park” has already been released, and part of the production capacity has been released in the third phase; 3) Inductors: “adding only 4 billion laminated inductors per month” and “adding only 0.1 billion integrated inductors per month” technology improvement and production expansion projects have now released some additional production capacity.
The technical level continues to improve, and high-end products continue to make breakthroughs. 1) Continue to increase investment in R&D. The high-end MLCC pilot platform, the high-end electronic material platform, the thin film micro-nano platform, and the reliability testing and analysis platform have all been built and put into use, further consolidating the independent research and development capabilities of the entire industry chain of materials, processes and products. 2) Solve multiple key material challenges. High-voltage and high-reliability porcelain powder based on a novel medium material was developed for the first time in China, and the pressure resistance and reliability of medium- and high-capacity MLCC were greatly improved; for the first time in China, it broke through the development and application of base metal electrode paste for thick film resistors, and successfully launched low resistance resistors for copper electrodes; mass production of internal electrode slurries for high frequency inductors was achieved. 3) Break through a number of key technologies for high-end products. The first company in China to complete the development of 0603X106M350N and 0603X226M100N, which are typical specifications in the high-end communication field. The industrial grade medium and high voltage product 0805B105K101N reached the highest voltage level in the industry.
Profit forecast: We expect net profit to be 0.479, 0.656, and 0.871 billion yuan respectively in 2024-26, maintaining a “buy” rating.
Risk warning: Terminal demand recovery falls short of expectations; mass production of high-end products falls short of expectations, etc.
