光模块产能加速扩张，汽车电子业务进展顺利。公司业绩增长主要受400G和800G 等高端产品出货量提升驱动。半年度公司光通信收发模块产能达900万只（同比+81.09%），产量达654 万只（同比+102.48%），销量620 万只（同比+79.19%），光模块综合毛利率33.83%（同比+3.01PCT）。其中，公司发往海外光模块数量460 万只，收入94.50 亿元，收入占比87.51%。按重要子公司分，24 年上半年苏州旭创收入102.80 亿元（同比+168.62%），净利润24.66 亿元（同比+246.82%）；TeraHop Pte 收入38.11 亿元（同比+292.26%），净利润2.28 亿元（同比+54.85%）；君歌电子收入2.78 亿元，净利润1308 万元；储翰科技收入2.83 亿（同比+56.64%），净利润2321 万元（同比+9.06%）；苏州湃矽收入1.42 亿元（同比+2203.81%），净利润2396万元（扭亏为盈）。Incident: The company released its 24-year semi-annual report, achieving operating income of 10.799 billion yuan (YoY +169.70%); net profit to mother of 2.358 billion yuan (+284.26% year over year); deducted non-net profit of 2.333 billion yuan (YoY +300.07%); gross sales margin of 33.13% (YoY +2.74PCT). Q2 achieved revenue of 5.956 billion yuan in a single quarter (+174.88% YoY, +22.99%); net profit of 1.349 billion yuan (YoY +270.82%, +33.68%); net profit without return to mother of 1.343 billion yuan (+283.05% YoY, +35.60% month-on-month); gross sales margin of 33.44% (YoY +2.34PCT, month-on-month +0.68PCT).
H1 sales, management, R&D, and financial expenses were 0.089 billion yuan, 0.306 billion yuan, 0.525 billion yuan, and -0.066 billion yuan, respectively. The sales, management, R&D, and finance cost ratios were 0.83% (-0.26PCT), 2.84% (-1.83 PCT), 4.86% (-3.19PCT), and -0.61% (Y+0.81 PCT).
H1 inventory was 6.169 billion yuan (+89.41% YoY); contract liabilities were 11.55 million yuan (-49.68% YoY).
Optical module production capacity is expanding at an accelerated pace, and the automotive electronics business is progressing smoothly. The company's performance growth was mainly driven by increased shipments of high-end products such as 400G and 800G. In half a year, the company's optical communication transceiver module production capacity reached 9 million units (+81.09% YoY), produced 6.54 million units (+102.48% YoY), sold 6.2 million units (+79.19% YoY), and the comprehensive gross profit margin of optical modules was 33.83% (+3.01PCT year over year). Among them, the company only shipped 4.6 million optical modules overseas, with revenue of 9.45 billion yuan, accounting for 87.51% of revenue. According to major subsidiaries, in the first half of '24, Suzhou Xuchuang's revenue was 10.28 billion yuan (YoY +168.62%), net profit 2.466 billion yuan (YoY +246.82%); TeraHop Pte's revenue was 3.811 billion yuan (YoY +292.26%), net profit was 0.228 billion yuan (YoY +54.85%); Junge Electronics had revenue of 0.278 billion yuan and net profit of 13.08 million yuan; Chu Han Technology revenue was 0.283 billion yuan (+56.64% YoY), net profit was 23.21 million yuan (YoY +9.06%); Suzhou PaiSilicon earned 0.142 billion yuan (YoY +2203.81%), and net profit was 23.96 million yuan (loss turned into profit).
Profit forecast. We expect the company's net profit to be 5.626 billion yuan, 9.38 billion yuan, and 10.744 billion yuan in 24-26 years, and EPS of 5.02 yuan, 8.37 yuan, and 9.58 yuan. Referring to comparable company valuations and the company's leading position in the industry, consider that the company is a direct beneficiary of the optical module industry's upgrade to 800G. The company was given a 24-year PE 25-30x, corresponding to a reasonable value range of 125.50-150.60 yuan, and a “superior to the market” rating.
Risk warning. Major customer demand adjustments, market competition risks, and AI computing power development falls short of expectations.
