1、2024 年上半年，公司实现营业收入4.89 亿，同比下降45%，实现归母净利润-0.68 亿。营收大幅下降主要原因是市场需求不足，国内收入从去年同期的7.33 亿下降至4.45 亿，国外收入从去年同期的1.55 亿下降至0.44 亿。母公司营收从去年同期的5.20 亿下降至2.69 亿，母公司毛利率从去年同期的61%下降至51%；子公司深圳雷能、武汉永力的营收和利润均出现不同程度下滑。occurrences
On August 17, New Lightning released its 2024 semi-annual report. With 2024H1, the company achieved operating income of 0.489 billion yuan, a year-on-year decrease of 45%, and realized net profit to mother of 0.068 billion yuan, a year-on-year decrease of 136%.
reviews
1. In the first half of 2024, the company achieved operating income of 0.489 billion yuan, a year-on-year decrease of 45%, and achieved net profit of 0.068 billion yuan to mother. The sharp decline in revenue was mainly due to insufficient market demand. Domestic revenue fell to 0.445 billion from 0.733 billion in the same period last year, and foreign revenue fell to 0.044 billion from 0.155 billion in the same period last year. The parent company's revenue fell from 0.52 billion in the same period last year to 0.269 billion, and the parent company's gross margin fell to 51% from 61% in the same period last year; the revenue and profits of the subsidiaries Shenzhen Leineng and Wuhan Yongli all declined to varying degrees.
2. In the first half of the year, the company's R&D expenses were 0.192 billion yuan, an increase of 26% over the previous year. The company focuses on its main business and continues to expand various types of business, and has increased investment in integrated circuits, electric drives, and data centers. With 2024H1, the company's R&D cost rate is as high as 39%. The company's continuous development of high-reliability integrated circuit micromodules, motor drives, server power supplies and other products is expected to become a new growth point for the company in the future.
3. We expect the company's net profit to be 0.036 billion yuan, 0.176 billion yuan, and 0.312 billion yuan respectively, up -63.09%, 391.92%, and 77.45% year-on-year respectively. Corresponding to the current stock price PE is 140.40, 28.54, and 16.08, maintaining a “buy” rating.
Risk warning
Market demand continues to be sluggish; there is a risk of product price reduction; the transformation efficiency of high R&D investment may fall short of expectations.
