2）2024Q2：公司实现营业收入5.02 亿元，同比/环比+30.40%/+35.01%；毛利率36.53%，同比/环比+6.85pct/+1.77pct；归母净利润1.18 亿元，同比/环比+42.25%/+17.50%；扣非归母净利润1.31 亿元，同比/环比+75.96%/+56.33%。Matters:
On August 12, 2024, the company released its 2024 semi-annual report:
1) 2024H1: The company achieved operating income of 0.873 billion yuan, +15.16% year on year; gross profit margin of 35.78%, +5.24pct year on year; net profit attributed/withheld from mother 0.218/0.214 billion yuan, +47.45%/+55.21% year over year;
2) 2024Q2: The company achieved operating income of 0.502 billion yuan, +30.40%/+35.01% year over year; gross profit margin of 36.53%, +6.85 pct/month to month +1.77pct; net profit to mother 0.118 billion yuan, +42.25%/+17.50% year over month; net profit of not attributable to mother 0.131 billion yuan, +75.96%/+56.33% yoy.
Commentary:
24Q2 performance increased the same or month-on-month, and product structure optimization is expected to drive a steady increase in the company's profitability. The company takes full advantage of technology, products and industry chain advantages, actively adjusts product/market/customer structures, and continuously optimizes costs to achieve high performance growth. 2024Q2's revenue was +30.40% YoY/+35.01% to 0.502 billion yuan; gross margin +6.85pct/month-on-month +1.77pct to 36.53%; net profit without return to mother +75.96%/+56.33% to 0.131 billion yuan. In the future, as downstream demand gradually picks up, new business fields such as automobiles and AI servers accelerate expansion, and further optimization of the company's product structure, the company's performance and profit level are expected to continue to improve.
The company's products continue to be introduced into the field of new energy, and the AI server market is arranged to help long-term development. Looking downstream, 2024H1's industrial control/optical storage/automotive/AI computing power and communication/pan-consumer/smart short transportation business accounted for 42%/14%/13%/9%/18%/4%. In terms of automobiles, the company has accelerated the expansion of the scale of cooperation with major customers. The number of materials that 2024H1 can supply increased by more than 50% year on year, and various products are used in three-electric power modules such as OBC and DC conversion; in terms of AI computing power, the company's products have been sold in large quantities to leading overseas customers, and will grow further in the future as the number of products increases; in terms of optical storage, the company expects PV IGBTs to pick up further in the second half of the year, and increase the volume of current IGBT single tubes, which is expected to drive a steady increase in performance.
Relying on R&D advantages, the company continuously optimizes the product structure, and the launch of new products opens up room for long-term growth. In terms of automotive electronics, the company has completed product development based on APQP for more than 150 typical products on the four major product platforms of SGT MOS, Trench MOS, SJ MOS, and IGBT. 2024H1 has added more than 10 automotive-grade products, and more than 70 products are being certified; in terms of photovoltaic energy storage, the company has developed or is developing many IGBT module products used in the field of photovoltaic energy storage/photovoltaic inverters. In terms of third-generation semiconductors, some of the company's SiC MOSFET products have been verified by customers and sold on a small scale, and some GaN HEMT products have been developed and passed reliability tests. The company's new products continue to break through. In the future, with the support of fabs, new products are expected to rely on existing customer resources to achieve rapid deployment, injecting momentum into the company's long-term development.
Investment advice: The company's product structure is being upgraded from MOSFETs to IGBTs, third-generation semiconductors, etc., and breakthroughs are being accelerated in the fields of new energy vehicles, photovoltaic energy storage, AI servers, etc., and future performance is expected to continue to grow. Considering the accelerated release of the company's new products and the increase in gross margin due to product structure improvements, we raised the company's net profit forecast for 2024-2026 from 0.432/0.533/0.66 billion yuan to 0.472/0.584/0.71 billion yuan, corresponding EPS to 1.14/1.41/1.71 billion yuan. Referring to the industry's comparable company valuation and its own performance growth rate, we gave the company 40 times PE in 2024, corresponding to a target price of 45.4 yuan/share, maintaining a “strong” rating.
Risk warning: Industry sentiment falls short of expectations; product expansion falls short of expectations; industry competition intensifies.
