从2024 年Q2 单季度来看，收入为5.02 亿元，环比增速35.01%，同比增速30.40%；归母净利润为1.18 亿元，环比增速17.50%，同比增速42.25%；毛利率和净利率分别为36.53%、23.34%，同比变化分别为6.85、2.15 个百分点，环比变化分别为1.77、-3.26 个百分点。occurrences
The company released its 2024 semi-annual report. In the first half of 2024, it achieved operating income of 0.873 billion yuan, a year-on-year growth rate of 15.16%; realized net profit to mother of 0.218 billion yuan, a year-on-year growth rate of 47.45%; and achieved net profit of 0.214 billion yuan after deduction, a year-on-year growth rate of 55.21%.
Revenue and profit recovery continues unabated
Looking at the 2024 Q2 single quarter, revenue was 0.502 billion yuan, a month-on-month growth rate of 30.40%; net profit to mother was 0.118 billion yuan, a year-on-month growth rate of 17.50% and a year-on-year growth rate of 42.25%; gross margin and net margin were 36.53% and 23.34%, respectively, with year-on-year changes of 6.85 and 2.15 percentage points, respectively.
Product structure optimization, strong MOSFET recovery
As one of the leading domestic MOSFET product companies, the company was the first to benefit from the recovery in downstream demand. Among them, SGTMOSFET is the product process platform that replaces the largest number of products from world-class manufacturers among the company's medium- and low-voltage products. It is also the product platform with the largest sales base and the largest customer base among the company's products. Currently, SGT-MOSFET products are mainly used in automotive electronics, industrial control, and general consumer fields. Revenue of 0.36 billion yuan was achieved in the first half of 2024, an increase of 40.29% over the previous year. SJ-MOSFETs and Trench-MOSFETs also showed a recovery trend, with year-on-year growth rates of 8.49% and 19.64% respectively in the first half of 2024
Automotive electronics continues to enhance its competitive advantage. Since 2023, AI server products have been mass-produced, and cooperation between the company and BYD has switched to direct supply and applied to BYD's full range of models; at the same time, large-scale shipments to leading domestic Tier 1 companies such as United Electronics and Bethel have continued. The company promptly follows up and responds to AI server market needs, uses its advantages to develop products around the needs of AI computing power servers, and actively develops downstream customers. Currently, the company's related products have been sold in batches to leading customers in the AI computing power field, and will grow further rapidly.
Reviving the Soviet cycle, it is recommended to keep an eye on it
Since the power semiconductor industry is at the bottom of the cycle, we expect the company's 2024-2026 revenue to be 1.845/2.289/2.796 billion yuan, with year-on-year growth rates of 24.97%/24.03%/22.17% respectively; net profit to mother of 0.457/0.564/0.696 billion yuan, respectively, with year-on-year growth rates of 41.36%/23.49%/23.43%; 3-year CAGR of 29.16% and EPS 1.10/1.36 respectively /1.68 yuan, corresponding PE is 29/23/19 times, respectively. As the company returns to the recovery cycle, it is recommended to keep an eye on it.
Risk warning: risk of supplier dependency, risk of price fluctuation of upstream raw materials, risk of new product development progress falling short of expectations.
