24H1 下游需求改善，公司作为国内晶振龙头，实现经营业绩的稳步增长，同时持续加大新技术、新产品开发投入，尤其是高基频、高稳定性、钟振类产品研发及品类扩充，扩大产品供应及高端产品配比，并且提升运营效率、管理效能。24H1 公司实现毛利率25.22%，同比增加1.03pct，24Q2 毛利率为25.54%，环比增长0.69pct，24H1 净利率14.85%，同比增长2.31pct。Brief performance review
On August 30, the company announced its semi-annual results. 24H1 achieved operating income of 0.393 billion yuan, a year-on-year increase of 1.98%, and the company achieved net profit of 57.39 million yuan to mother, an increase of 21.88% over the previous year. 24Q2 achieved operating income of 0.211 billion yuan, a year-on-year increase of 0.44%, and realized net profit to mother of 26.88 million yuan, a decrease of 3.87% year-on-year.
Management analysis
24H1 downstream demand has improved. As a domestic crystal oscillator, the company has achieved steady growth in business performance. At the same time, it continues to increase investment in new technology and product development, especially high base frequency, high stability, and bell vibration product development and category expansion, expand product supply and high-end product ratio, and improve operational efficiency and management efficiency. 24H1 achieved a gross profit margin of 25.22%, a year-on-year increase of 1.03pct, 24Q2 gross margin of 25.54%, a month-on-month increase of 0.69pct, 24H1 net profit margin of 14.85%, and a year-on-year increase of 2.31pct.
The company develops its own equipment and automatically controls the lithography process to accelerate the layout of high-end products such as miniaturization, ultra-high frequency, automotive-grade crystal oscillators, and RTC modules. 1) The company has increased the optimization and upgrading of high-end product structures, and continues to further promote the development and industrialization of semiconductor lithography processes. On the basis of the industrialization of 32.768kHz miniaturized products, it is focusing on applications such as 5G, WI-FI6, optical modules, Beidou, real-time navigation, and 5G base stations, increasing mass production of ultra-high frequency and ultra-small products such as 76.8 MHz, 80 MHz, 96 MHz, 125 MHz, 156.25 MHz, 212 MHz, 285 MHz, etc., and has 300 MHz high base frequency processing capabilities. 2) Enhance the competitive advantage of the series of products in application fields such as smart terminals and Netcom, and focus on the application promotion of larger size and high base frequency products in cellular and non-cellular networks, smart phones, AIPC, etc. 3) Continuously strengthen the chip platform support of solution providers, and actively cooperate with the supporting certification of various mainstream IoT chip platforms and in-depth cooperation with key IoT related customers. In 2024, the company's 76.8 MHz high-frequency thermal crystal resonators passed Qualcomm's SA522 and SA525 automotive-grade 5G platform certification.
Profit forecasting and valuation
Net profit due to mother from 2024 to 2026 is expected to be 0.125, 0.172, and 20.9 billion yuan, +22.92%, +38.12%, and +21.70% compared to the same period. The PE valuation corresponding to the company's current price is 41, 30, and 24 times, maintaining the purchase rating.
Risk warning
Risks such as falling prices, falling downstream demand falling short of expectations, and deteriorating supply and demand patterns.
