报告期内，全球半导体行业温和复苏，国内汽车电子及消费电子市场需求回暖以及工业市场的逐步改善，同时，公司在国际市场上的积极拓展以及降本增效措施、开发新产品的实施，进一步巩固了利润的增长基础。半年报披露，公司在2024 年上半年实现营业收入28.65 亿元，同比增长9.16%，归属于上市公司股东的净利润达4.25 亿元，同比增长3.43%。Incidents:
The company released its 2024 semi-annual report. During the reporting period, the company achieved operating income of 2.865 billion yuan, an increase of 9.16% over the previous year; realized net profit of 0.425 billion yuan, an increase of 3.43% over the previous year; net profit after deducting non-return to mother was 0.422 billion yuan, an increase of 3.04% over the previous year.
Steady growth in revenue and stable profit
During the reporting period, the global semiconductor industry recovered moderately, domestic automotive electronics and consumer electronics market demand picked up, and the industrial market gradually improved. At the same time, the company's active expansion in the international market and implementation of cost reduction and efficiency measures and the development of new products further consolidated the basis for profit growth. The semi-annual report revealed that in the first half of 2024, the company achieved operating income of 2.865 billion yuan, an increase of 9.16% over the previous year, and net profit attributable to shareholders of listed companies reached 0.425 billion yuan, an increase of 3.43% over the previous year.
Continued breakthroughs in technology research and development, enhanced product competitiveness
In the first half of 2024, the company made significant progress in technology research and development, especially in the development and marketing of new products such as IGBT and SiC. The semi-annual report revealed that during the reporting period, the company launched a series of innovative products, including advanced chips and modules for AI, industrial control, photovoltaic inverters, new energy vehicles, etc. In addition, the company increased R&D investment in third-generation semiconductors and cooperated with Southeast University to further strengthen the technical reserves of SiC and GaN power devices. Currently, various products are widely used in AI server power supplies, new energy vehicles, photovoltaics, charging piles, energy storage, industrial power supplies, etc.
The internationalization strategy has achieved remarkable results, and overseas markets have expanded smoothly
The company continued to advance its internationalization strategy in the first half of 2024, and the overseas market business made significant progress. With the recovery of the global semiconductor market, especially the end of the inventory removal phase in overseas markets, the company's overseas business achieved month-on-month growth, which led to an increase in overall gross profit levels. Furthermore, the company has added a subsidiary in Vietnam to strengthen the layout of overseas markets and further strengthen its influence in the global market. The expansion of global channels and the two-way linkage of domestic and foreign markets have enabled the company to occupy an advantageous position in future market competition.
Investment advice:
We expect the company's revenue from 2024 to 2026 to be 6.411 billion yuan, 7.821 billion yuan, and 9.581 billion yuan, respectively, and net profit to mother of 0.994 billion yuan, 1.263 billion yuan, and 1.613 billion yuan, respectively. We will give 23 times PE over 24 years, corresponding to a target price of 42.1 yuan for six months, and maintain a “buy-A” investment rating.
Risk warning:
Downstream demand recovery falls short of expectations; macroeconomic environment fluctuations; market competition risks.
