单季度来看，公司24Q2 实现营收19.82 亿元，同比+21.99%/环比+21.78%，实现归母净利润3.12 亿元，同比+67.95%/环比+52.46%,实现扣非归母净利润2.90 亿元，同比+99.25%/环比+57.66%。公司24Q2 实现毛利率38.15%，同比+8.70pcts/环比稳定,归母净利率15.75%，同比+4.31pcts，扣非归母净利率14.62%，同比+5.67pcts，上述变化主要系：1）2024 年上半年消费、网通市场出现需求回暖带动产品销量和营收增长;2）经营上公司保持以市占率为中心，促进产品销量和营收增长。The company released its 2024 semi-annual report. The company's 24H1 revenue increased significantly year-on-year. The recovery in demand in the consumer and Netcom markets led to a steady increase in sales of the company's memory chip products and maintained an “increase” rating.
Key points to support ratings
The recovery in the economy helped the company improve its 24H1 operations. The company 24H1 achieved revenue of 3.609 billion yuan, +21.69% year over year, realized net profit of 0.517 billion yuan, +53.88% year over year, and realized net profit of 0.473 billion yuan without return to mother, +71.87% year over year. In terms of profitability, the company's 24H1 achieved a gross profit margin of 38.16%, +4.72 pcts year on year, achieved a net interest rate of 14.33% to mother, +3 pcts year on year, and achieved a net interest rate of 13.12% without return to mother, and +3.83 pcts year on year.
Looking at a single quarter, the company achieved revenue of 1.982 billion yuan in 24Q2, +21.78% year-on-month, realized net profit of 0.312 billion yuan, +67.95%/month-on-month +52.46%, and realized net profit without return to mother 0.29 billion yuan, +99.25%/month-on-month +57.66%. In 24Q2, the company achieved a gross profit margin of 38.15%, +8.70 pcs/ month-on-month stability, a net profit margin of 15.75%, +4.31pcts year-on-year, a net interest rate of 14.62% without return to mother, and +5.67pcts year-on-year. The above changes were mainly due to: 1) The recovery in demand in the consumer and Netcom markets in the first half of 2024 led to product sales and revenue growth; 2) In terms of operation, the company maintained a market-share center to promote product sales and revenue growth.
The basic storage disk is becoming more and more consolidated and developing steadily. 1) In terms of Flash: The company is SPI NorFlash, which is ranked second in the world, and can provide up to 13 capacity options (covering 512 Kb to 2 Gb), 4 voltage ranges, more than 20 product lines, 6 temperature specifications, and more than 20 packaging options. NAND Flash products cover 1Gb to 8Gb, 3V/1.8V voltage power supply. Among them, SPI NAND Flash achieves full product coverage in the fields of consumer electronics, industry, automotive electronics, etc., the company is 38nm SLC NAND Flash automotive-grade products cover 1Gb to 4Gb, with automotive-grade SPI NOR Flash, providing more opportunities to enter the automotive market; 2) DRAM: 24H1 supply and demand pattern improvements drive up the price of niche products. From the supply side, overseas original manufacturers are gradually increasing their investment in high-end products such as HBM and DDR5. Accordingly, supply in categories such as DDR4 and DDR3 has declined, and the overall supply of niche DRAM is shrinking; on the demand side, mainly in consumer electronics and other fields, there has been a recovery. The company has a rich self-developed DRAM product portfolio. DDR3L products provide 1Gb/2Gb/4Gb capacity common to the market; DDR4 8Gb has provided customers with samples, with a capacity of 4Gb/8Gb.
MCU and sensor product lines continue to be improved, opening up a long-term ceiling. 1) MCU side: As the leading manufacturer of 32bitMCU products in China, the company's GD32 MCU products have successfully mass-produced 51 product lines and more than 600 MCU products. The company's product core covers ARM? Cortex? -M3, M4, M23, M33, and M7 are also the first companies in the world to launch and mass-produce 32-bit general-purpose MCU products based on the RISC-V core. 2) In terms of sensors: The company's sensor products have been used in a variety of commercial front/rear/side capacitive and optical solutions for smartphones, and touch chips are widely used in the general-purpose tablet market. 24H1 launched two PC fingerprint recognition solutions, GSL6186 MoC and GSL6150H0 MoH. The GSL6186 MOC solution has passed WindowsHello enhanced login security certification and Microsoft Windows Hardware Lab Kit (HLK) certification, and entered the Microsoft AVL approved supplier list. It marks the further expansion of the company's fingerprint recognition solutions into the PC field. In the future, the company will continue to promote product optimization and upgrading, and further expand the layout of diverse downstream applications.
valuations
Taking into account the company's 24H1 business improvements, basic disk storage products continue to be stable, and the diversified product line is expected to further open the ceiling. We expect the company to achieve revenue of 7.58/9.204/10.829 billion yuan in 2024/2025/2026, respectively, and realized net profit of 1.205/1.862/2.085 billion yuan, respectively, corresponding to 2024-2026 PE 43.8/28.3/25.3 times. Maintain an “Overweight” rating.
The main risks faced by ratings
Risk of price fluctuations in memory chips, risk of falling inventory prices, sales falling short of expectations, new product development falling short of expectations
