行业整体来看，2024 上半年，随着产品去库化，以及人工智能、XR、消费电子等下游需求的回暖，Prismark 预测2024 年全球电子行业市场产值将达到2.55 万亿美金。2024 年第一季度全球PCB产值成功触底，打破了先前的下降趋势，标志着行业由弱转强，Q2 预计同比增长4.6%，全年增速预计达到5%。消费电子市场和AI 技术融合，AI PC、AI 手机、AI 服务器等为行业带来新的增长机遇，中报披露，公司产品广泛应用于高速案例、AI 服务器、5G天线、新一代通讯基站以及各种中高端电子产品中。中报披露，公司二季度收入同比增长26.22%，归母净利润同比增长75.94%，毛利率21.78%，去年同期18.88%。Incidents:
The company released its 2024 semi-annual report. During the reporting period, the company achieved operating income of 9.63 billion yuan, an increase of 22.19% over the previous year; realized net profit of 0.9325 billion yuan, an increase of 68.04% over the previous year, after deducting non-return net profit of 0.9085 billion yuan, an increase of 75.74% over the previous year.
Consumer electronics are welcoming new opportunities, and the industry is showing signs of recovery
Looking at the industry as a whole, in the first half of 2024, Prismark predicts that the global electronics industry market output value will reach 2.55 trillion US dollars in 2024, as products are being decommissioned and downstream demand for artificial intelligence, XR, and consumer electronics picks up. Global PCB output successfully bottomed out in the first quarter of 2024, breaking the previous downward trend and marking the transformation of the industry from weak to strong. Q2 is expected to grow 4.6% year-on-year, and the annual growth rate is expected to reach 5%. With the integration of the consumer electronics market and AI technology, AI PCs, AI phones, AI servers, etc. have brought new growth opportunities to the industry. The interim report revealed that the company's products are widely used in high-speed cases, AI servers, 5G antennas, next-generation communication base stations, and various high-end electronic products. According to the interim report, the company's revenue for the second quarter increased 26.22% year on year, net profit to mother increased 75.94% year on year, gross profit margin was 21.78%, and 18.88% in the same period last year.
Good production and marketing trends, innovation-driven development
The interim report revealed that in the first half of 2024, the company's production and sales of various types of copper-clad panels increased by 23.25% and 14.83%, respectively; production and sales of adhesive sheets increased 15.55% and 14.83% year on year, respectively; production and sales of printed circuit boards increased 19.70% and 21.34% year on year, respectively, achieving a trend of strong production and sales. Faced with the sharp rise in copper prices in the first half of this year, the marketing team carefully analyzed and achieved steady profit growth by continuing to optimize the product structure and adjust product prices to balance customer order demand and profit. In terms of copper-clad plate technology for packaging, the company's products have been used in batches in the fields of card packaging, LEDs, memory chips, etc., while breaking through key core technologies, and are being developed and applied in higher-end AP, CPU, GPU, and AI products represented by FC-CSP and FC-BGA packages.
Investment advice:
We expect the company's revenue from 2024 to 2026 to be 19.572 billion yuan, 22.703 billion yuan, and 25.95 billion yuan, respectively, and net profit to mother will be 1.984 billion yuan, 2.392 billion yuan, and 2.765 billion yuan respectively. We will give 25 times PE over 24 years, corresponding to a target price of 20.42 yuan for six months, maintaining a “buy-A” investment rating.
Risk warning:
Risk of downstream demand falling short of expectations; risk of fluctuations in raw material prices; risk of market competition.
