公司积极响应客户需求变化，提前加大排产推动收入和业绩同步成长。2Q24 公司单季度营收5.01 亿元，环比+35.01%；2Q24 实现归母净利润1.18 亿元，同比+42.25%，环比+17.50%，实现扣非后归母净利润1.31 亿元，同比+75.96%，环比+56.33%。1H24公司IGBT 实现收入1.41 亿元，同比-22.64%，销售占比降至16.20%。公司预计下半年光伏随着新品大电流IGBT 单管上量，销售将进一步回暖。1H24 公司SGT-MOS 实现收入3.60 亿元，销售占比从去年同期33.95%增长到41.44%。根据公司公告，SGT-MOS 产品部分品种已处于供不应求阶段，公司积极跟进客户需求，并积极拓展其他新兴市场，尤其在AI 算力服务器应用多款产品均为SGT 系列，预计下半年SGT 产品销售量将继续提升。Brief performance review
On August 12, 2024, the company disclosed its 2024 semi-annual report. 1H24 achieved revenue of 0.873 billion yuan, an increase of 15.16% over the same period last year; 1H24 achieved net profit to mother of 0.218 billion yuan, an increase of 47.45% year on year; and realized net profit attributable to shareholders of listed companies of 0.214 billion yuan after deducting non-recurring profit and loss, an increase of 55.21% year on year.
Management analysis
The company responds positively to changes in customer needs and increases production schedules ahead of schedule to promote simultaneous growth in revenue and performance. 2Q24 achieved net profit of 0.501 billion yuan in a single quarter, +35.01% month-on-month; 2Q24 achieved net profit of 0.118 billion yuan, +42.25% year-on-year, and +17.50% month-on-month, achieving net profit of 0.131 billion yuan after deduction, +75.96% year-on-year and +56.33% month-on-month. 1H24 IGBT achieved revenue of 0.141 billion yuan, a year-on-year ratio of -22.64%, and its share of sales fell to 16.20%. The company expects PV sales to pick up further in the second half of the year as new high-current IGBT single tubes increase. 1H24's SGT-MOS achieved revenue of 0.36 billion yuan, and its sales share increased from 33.95% in the same period last year to 41.44%. According to the company's announcement, some varieties of SGT-MOS products are already in short supply. The company is actively following up on customer needs and actively expanding other emerging markets. In particular, various products used in AI computing power servers are SGT series, and sales of SGT products are expected to continue to increase in the second half of the year.
1H24 The downstream market has gradually recovered, and demand in the field of industrial control has increased significantly. According to the 24 annual report data, the company's revenue in the industrial control sector was about 0.367 billion yuan, increasing its share of revenue from 35% in 2023 to 42%. In the automotive electronics sector, 1H24 increased the number of products supplied over 50% year on year, but as the company cooperated with car companies' customer demand to reduce costs, the share of automotive electronics revenue fell slightly to 13% in the first half of the year. The photovoltaic energy storage market picked up significantly in the first half of '24.
Affected by unstable power supply factors in Africa and other regions, demand in this market is growing rapidly, forming a new growth point. The company actively develops photovoltaic companies and takes the initiative to remove IGBT inventory in response to the characteristics of fast supply and low cost in the market. In terms of energy storage, the company vigorously promoted SGT products, captured order increases from leading customers in the industry, and actively coordinated production capacity to respond to urgent deliveries to achieve revenue side growth in the second quarter.
Profit Forecasts, Valuations, and Ratings
Considering the gradual recovery of downstream demand, our net profit from Shangxiu Company in 24-26 was 0.454/0.559/0.692 billion yuan, respectively, +41%/+23%/+24%, respectively. The corresponding EPS was 1.09/1.35/1.67 yuan, respectively. The current PE valuation of the company's stock price was 28/23/18 times, maintaining a “buy” rating.
Risk warning
Downstream demand falls short of expectations; market competition intensifies; supply chain risks; the ban on restricted stocks is lifted.
