5%，qoq-0.7%；扣非归母净利润1.09 亿元，yoy-25.4%，qoq+8%，毛利率23.9%，yoy-2.2pct，qoq-1.8pct。Incident Overview
The company released its 24-year report. The company's 24H1 achieved revenue of 2.147 billion yuan, yoy +5.2%, net profit to mother of 0.222 billion yuan, yoy -20%, net profit after deducting 0.211 billion yuan, yoy -19.7%; gross profit margin 24.68%, yoy-1.3pct, net profit margin 10.36%, yoy-3.3pct.
24Q2 company revenue 1.171 billion yuan, yoy +13.1%, qoq +19.8%, net profit to mother 0.111 billion yuan, yoy-24.
5%, qoq -0.7%; net profit without return to mother 0.109 billion yuan, yoy -25.4%, qoq +8%, gross profit margin 23.9%, yoy-2.2pct, qoq-1.8pct.
Actively lay out the server/AIPC/automotive sector, and the future growth momentum is sufficient for the data center and server fields: In the data center and server field, AI servers are the company's key strategic track, and the company continues to focus on the development of high-end servers and next-generation server products. High-end server product development revolves around technical upgrades such as small-pitch BGA clamps, SI databases, back drill stubs, and alignment of high-end products, which can be carried out in batches. 2) In the AIPC field, the company conducts research on project materials, design, measurement and process improvement, especially for various HDI technologies and through-hole production involved in AIPC development, and has mass production process capabilities. 3) In the field of automotive electronics, the company has also completed relevant technical reserves in the research and development of products such as new energy vehicles, vehicle domain controllers, semi-soft board domain controllers, and tri-proof paint.
Mingxing Electronics takes a stake in the Thai factory to help development and expand high-end production capacity to meet the AI trend 1) The company plans to cooperate with Meixing Electronics, the leading Japanese PCB company, to jointly build a Thai factory. Meixing Electronics will invest 20 million US dollars to hold no more than 14.9% of the Thai factory; the partner Mingxing Electronics is a leading Japanese PCB manufacturer, mainly downstream in the fields of automobiles, digital communication, consumer electronics, etc., and cooperation with leading Japanese PCB manufacturers will help the company improve the technical capabilities of the Thai factory and introduce customers more quickly to help the Thai factory develop better;
2) It is planned to increase the capital of 0.45 billion yuan to the Guangdong base to build HDI production capacity with an annual output of 0.96 million square meters to further enhance the company's product capabilities, help improve the structure, and meet the major trend of AI development.
Investment advice
Considering the uncertainty of the macro environment, we expect net profit to be 0.603/0.75/0.917 billion yuan in 2024/2025/2026 (previously, the company's 2024/2025 net profit was 0.903/1.253 billion yuan). According to the 2024/8/30 closing price, PE will be 13/10/8 times, maintaining the “buy” rating.
Risk warning
New production capacity falls short of expectations, downstream demand falls short of expectations, market development falls short of expectations, and the risk of fluctuations in the surrounding environment.