业绩稳健增长，毛利率同环比提升。公司敏锐捕捉市场变化，持续加深对市场需求的理解，加大与国际一线品牌的合作深度，24H1 公司实现营业收入2.80 亿元，同比增长27.90%；实现归母净利润0.41 亿元，同比增长65.73%；24Q2 单季，公司实现营业收入1.62 亿元，同比增长17.52%，环比增长36.77%；实现归母净利润0.32 亿元，同比增长94.11%，环比增长279.69%。公司产品结构不断优化以提升综合毛利率，24Q2 公司毛利率47.22%，同比+5.76 个pct，环比+1.80 个pct。occurrences
The company released its 2024 semi-annual report. In 24H1, the company achieved revenue of 0.28 billion yuan, up 27.90% year on year; achieved net profit of 0.041 billion yuan, up 65.73% year on year; in the 24Q2 single quarter, the company achieved operating income of 0.162 billion yuan, up 17.52% year on year, up 36.77% month on month; realized net profit of 0.032 billion yuan, up 94.11% year on year and 279.69% month on month.
Key points of investment
Performance grew steadily, and gross margin increased year-on-month. The company keenly grasped market changes, continued to deepen its understanding of market demand, and deepened cooperation with international first-tier brands. 24H1 achieved operating income of 0.28 billion yuan, a year-on-year increase of 27.90%; achieved net profit of 0.041 billion yuan, an increase of 65.73%; in a single quarter of 24Q2, the company achieved operating income of 0.162 billion yuan, an increase of 17.52% year-on-year and 36.77% month-on-month; achieved net profit of 0.032 billion yuan, a year-on-year increase of 36.77%. 94.11%, up 279.69% month-on-month. The company's product structure is continuously optimized to increase the overall gross profit margin. In 24Q2, the company's gross profit margin was 47.22%, +5.76 pcts year over year, and +1.80 pcts month over month.
The three-core heterogeneous end-side AI audio processor chip was successfully developed, and the development of new products in various fields continues to advance. The company's dedicated audio DSP processing chip ATS361X has been used by international first-tier audio brand customers. It is in the product introduction stage and is expected to be mass-produced in the second half of the year.
At the same time, the company's three-core AI heterogeneous end-side AI audio processor chip based on CPU+DSP+NPU has been successfully developed, which can greatly improve computing power and meet the low power consumption requirements of end-side devices, and is currently in the customer promotion stage. The company's ATS286X high-end Bluetooth speaker SoC chip with integrated NPU and the ATS323X low-latency, high-quality wireless audio SoC chip have been released and are being promoted to customers. The company's first-generation karaoke speaker chip ATS2835K solution has entered mass production, and many customers are developing products. The company's audio transmission solution based on UWB wireless connection technology has completed internal development and verification of demo products during the reporting period. In addition, in the field of WiFi and Starflash technology, the company continues to invest in technical support in R&D to continuously broaden the wireless connection technology path.
Investment advice
We expect the company to achieve revenue of 0.661/0.835/1.057 billion yuan in 2024-2026, and realized net profit of 0.091/0.122/0.159 billion yuan respectively. The current stock price corresponding to 2024-2026 PE is 36 times, 27 times, and 21 times, respectively, maintaining a “buy” rating.
Risk warning:
Market demand falls short of expectations; new product development and market expansion fall short of expectations; market competition intensifies, etc.