物联网及手机需求持续回暖，稳健运营加速公司扭亏进程。随着下游物联网需求、手机需求的整体回暖，公司经营情况不断改善， 2024H 公司实现营业收入16.55 亿元，同比+56.62%，归母净利润亏损额为-2.65 亿元，同比减亏0.71 亿元；其中2024Q2 公司实现营业收入8.25 亿元，同比+27.21%，扣非归母净利润-1.43 亿元，同比减亏0.49 亿元，环比减亏0.15 亿元。随着公司整体产品结构的不断升级和成本端的有效控制，2024Q2公司毛利率达24.75%，同比+0.08pct，环比+0.96pct，净利率为-16.90%，同比+4.73pct。Description of the event
On August 29, Aojie Technology announced the “2024 Semi-Annual Report of Aogee Technology Co., Ltd.”. 2024H achieved operating income of 1.655 billion yuan, +56.62% year over year, net profit loss to mother of -0.265 billion yuan, a year-on-year decrease of 0.071 billion yuan. Net profit after deducting the impact of share payment fees was -0.3 billion yuan, a year-on-year loss of 0.121 billion yuan. After excluding the impact of share payment fees, the company achieved net profit to mother -0.184 billion yuan, a year-on-year loss of 0.152 billion yuan.
Incident comments
Demand for the Internet of Things and mobile phones continues to pick up, and steady operation accelerates the company's loss reversal process. With the overall recovery of downstream IoT demand and mobile phone demand, the company's business situation continued to improve. 2024H achieved operating income of 1.655 billion yuan, +56.62% year over year, and net profit loss to mother was -0.265 billion yuan, a year-on-year loss of 0.071 billion yuan; of these, 2024Q2 company achieved operating income of 0.825 billion yuan, +27.21% year over year, net profit of non-return to mother -0.143 billion yuan, a year-on-year loss of 0.049 billion yuan billion yuan, a month-on-month loss of 0.015 billion yuan. With the continuous upgrading of the company's overall product structure and effective control on the cost side, the company's gross margin reached 24.75% in 2024Q2, +0.08pct year on year, +0.96pct month-on-month, and the net margin was -16.90%, +4.73pct year on year.
At the same time, the company's 2024Q2 inventory was 1.289 billion yuan, -5.53% month-on-month. Steady overall operation accelerated the company's loss reversal process.
5G has both broken through the Internet of Things and smartphones, taking the development stage to the next level. Cellular baseband and RF communication chip tracks for the Internet of Things and mobile phones have high technical barriers, and the market pattern is gradually concentrated, and there are few players that can participate. Since its establishment, the company has continued to deepen baseband and RF chip research and development. 2024H has achieved two major breakthroughs on the Internet of Things and mobile phones, respectively: (1) Launched the first 5G RedCap chip. 2024H and many major equipment manufacturers have completed laboratory interconnection and 5G native enhancement characteristics verification. It has successfully passed the China Mobile 5GRedCap chip certification test and is now in storage. Customers cooperate to actively promote the marketization of terminal products based on this chip. It is expected to be officially mass-produced in the second half of 2024; (2) The company's first smartphone chip, ASR8601, debuted in the Latin American market, and its self-developed camera hardware 3D noise reduction algorithm allows users to maintain high-definition video and camera effects even in dark light, and customer feedback is good; at the same time, the shipment of this chip has covered more scenarios, including smartwatches, smart tablets, children's learning machines, etc. During the implementation phase, it is expected that the sales scale will continue to expand in the second half of 2024. As the company's product line continues to be iterated and enriched, the company's high-end product sales continue to improve. Among them, 2024H cellular baseband main chip sales increased by more than 80% year on year; sales of non-cellular IoT chips increased by more than 70% year on year.
New products & new markets with two-wheel drive, a long-term growth channel has been opened. In addition to high-end 5G REDCap and smartphone SoC chips, the company has also achieved rapid growth in the automotive and non-cellular IoT fields. Among them, in terms of automotive products, the company's 2024HLTE Cat.4 automotive front-end solution shipments are far higher than the same period last year. In the field of non-cellular IoT, shipments of WiFi+BLE Combo chips are steadily rising in several leading companies including Midea, Haier, Changhong, and Fangtai. In addition, 14 R&D projects, including 5G smartphone SOC chips, 5G lightweight smart terminal chips, and 4G smartphone chips, are also being carried out in an orderly manner. At the same time, operator customer partnerships in various market regions such as Southeast Asia, Europe, and India are stable, and high growth can be expected.
We expect the company's revenue in 2024-2026 to reach 3.457, 4.41, and 6.015 billion yuan, corresponding to PS of 4X, 3X, and 2X, maintaining a “buy” rating.
Risk warning
1. The risk that the semiconductor boom falls short of expectations;
2. The risk that the promotion of new products falls short of expectations.
