2Q24 业绩同比环比均实现高速增长，创历史新高：2024 年上半年，公司实现营业收入16.65 亿元，YOY 增长79.5%，实现净利润5.93 亿元，YOY 上年同期增长6.2 倍，实现扣非后净利润5.4 亿元，YOY 增长142倍。分季度来看，2Q24 公司实现营业收入9.3 亿元，同比增长83%，环比增长26%；实现净利润3.7 亿元，同比增长5 倍，环比增长66%；实现扣除后净利润3.3 亿元，同比增长91 倍，环比增长48%，创公司单季度归扣非净利润历史新高。分业务来看，互连类芯片产品线销售收入约为15.3 亿元，YOY 增长67.9%；津逮服务器平台产品线销售收入约为1.3亿元，同比增长8.5 倍。从毛利率来看，1H24 综合毛利率57.8%，同比提升1.5 个百分点。1H24's revenue increased 80%, net profit increased more than 6 times, and shipments of various new products continued to increase. Among them, the 2Q24PCIereTimer chip shipment volume was about 0.3 million units, doubling the month-on-month; MRCD/MDB revenue exceeded 50 million yuan, about 150% month-on-month; CKD chips began large-scale shipments, achieving revenue exceeding 10 million yuan, indicating that current industry demand is being rapidly iteratively upgraded, and the company's performance is expected to continue to grow at a high rate.
Looking forward to the future, the AI industry is developing rapidly. Inter-chip interconnection, high memory speed and low latency, and memory pooling all place higher demands on memory chips and interface chips, so the upgrading of the memory industry will continue to accelerate.
The room for the company's performance growth has also been further opened up. The current stock price corresponds to 24 times PE in 2026, maintaining the purchase recommendation.
2Q24's performance achieved rapid year-on-year growth, reaching record highs: in the first half of 2024, the company achieved revenue of 1.665 billion yuan, YOY increased 79.5%, achieved net profit of 0.593 billion yuan, YOY increased 6.2 times in the same period last year, achieved net profit of 0.54 billion yuan after deduction, and YOY increased 142 times. On a quarterly basis, 2Q24 achieved operating income of 0.93 billion yuan, up 83% year on year, up 26% month on month; achieved net profit of 0.37 billion yuan, up 5 times year on year, up 66% month on month; realized net profit after deduction of 0.33 billion yuan, up 91 times year on year and 48% month on month, setting a record high of the company's deducted non-net profit in a single quarter. By business, the sales revenue of the interconnect chip product line was about 1.53 billion yuan, and YOY increased by 67.9%; the sales revenue of the Jinjue server platform product line was about 0.13 billion yuan, an increase of 8.5 times over the previous year. In terms of gross margin, 1H24's comprehensive gross profit margin was 57.8%, an increase of 1.5 percentage points over the previous year.
AI-related demand has increased, and the pace of new product shipments has further accelerated: thanks to the increase in demand in the AI field, shipments of the company's three chip products have accelerated markedly; 2Q24 PCIeRetimer chips (clock recovery, used for high-performance PCIe interconnects) shipments are about 0.3 million units (1Q24 is 0.15 million), doubling month-on-month; MRCD/MDB (high-bandwidth memory module buffering, applied to HPC servers) revenue exceeds 50 million yuan (1Q24 exceeds 20 million) million), significant growth; CKD chips (high-speed clock drivers, used in AI PCs) began large-scale shipments (trial production in April 2024), achieving revenue exceeding 10 million yuan.
Profit forecast: In view of the continued acceleration of the company's new product shipments, we raised our 24-25 profit forecast by 7%, 19%, and 20%. We expect the company to achieve net profit of 1.45 billion yuan, 1.92 billion yuan, and 2.38 billion yuan in 2024-26. YOY will increase by 222%, 32%, and 24% respectively, and EPS will be 1.27 yuan, 1.68 yuan, and 2.09 yuan, respectively. The current stock price is 39 times, 30 times, and 24 times, respectively, for 24-26 PE, giving it a buying rating.
Risk warning: Demand in the memory market falls short of expectations.
