2）2024Q3：公司实现营业收入27.11 亿元，同比/环比+8.44%/+2.53%；毛利率28.43%，同比/环比-3.23pct/+2.09pct；归母净利润2.19 亿元，同比/环比-21.31%/-11.40%；扣非后归母净利润1.85 亿元，同比/环比-1.35%/-18.36%。Matters:
The company released its report for the third quarter of 2024:
1) 2024Q1-3: The company achieved operating income of 7.472 billion yuan, -0.77% year on year; gross profit margin of 27.14%, -6.28pct year on year; net profit attributed/withheld from mother 0.499/0.47 billion yuan, -52.72%/-48.91% YoY;
2) 2024Q3: The company achieved operating income of 2.711 billion yuan, +8.44%/+2.53% YoY; gross profit margin of 28.43%, -3.23pct/month-on-month -3.23pct/+2.09pct; net profit to mother 0.219 billion yuan, -21.31%/-11.40% YoY; net profit after deducting 0.185 billion yuan, -1.35%/-18.36% YoY.
Commentary:
In 24Q3, gross margin rebounded month-on-month, and the company's “IDM+ OEM” two-wheel drive revenue grew steadily. The semiconductor industry cycle is recovering, and the trade-in policy is driving a recovery in superposition market demand, driving a recovery in prosperity, and the electrification and intelligent transformation of automobiles has injected new growth impetus. The company gave full play to the advantages of the IDM model and revenue grew steadily. 24Q3 achieved revenue of 2.711 billion yuan, +8.44%/+2.53% year over year; benefiting from characteristic process advantages, stable customer base and product structure optimization, gross margin increased 2.09 pct month-on-month. Industry inventories have dropped to a reasonable level, the company's capacity utilization rate has fully recovered to a full load level, and product prices have stabilized, laying a solid foundation for the company's continued growth in performance.
The company is increasing investment in R&D to promote high-end product upgrading and expansion into the pan-energy sector. The company continues to increase investment in R&D, focusing on the high-end transformation of products in the field of terminal applications, and its technical strength and market share are rising at the same time. The company continues to optimize its product structure. The pan-energy sector (automotive electronics and new energy) accounts for 39% of the product and solution business, of which the share of automotive electronics has increased to 22%. The company has formed strategic partnerships with a number of leading automakers and Tier 1 manufacturers to launch serialized power and drive-grade products including MOSFETs, IGBTs, SiC, power ICs, etc. In terms of third-generation semiconductors, the company is speeding up product technology iteration, and SiC and GaN power devices continue to be promoted to middle and high-end applications. The company's high-end product line is expected to continue to expand in the future, and there is sufficient momentum for long-term development.
Key projects such as two 12-inch lines+sealing and testing bases are progressing steadily, and sufficient production capacity supports the company's long-term development.
The company actively lays out major projects. New businesses such as two 12-inch lines and packaging and testing bases are gradually being developed. Among them, the 12-inch production line in Chongqing continues to rise, led by high-end fields such as automotive electronics and industrial control, and the construction of a 12-inch production line in Shenzhen continues to advance; the mass production scale of the advanced power sealing base increased rapidly to achieve comprehensive layout coverage of modular advanced packaging, wafer-level advanced packaging, power device frame-level packaging, and panel-level advanced packaging; the high-end mask project completed production line in the first half of the year, covering mainstream domestic 6, 8, and 12 inch plate production requirements. With the steady expansion of production capacity and superposition of product structure upgrades, the company is expected to further consolidate its leading position in domestic power semiconductors.
Investment advice: The revenue of “IDM+ OEM” two-wheel drive companies continues to grow. As a leading domestic power semiconductor manufacturer, the company's performance is expected to maintain steady growth. Considering that demand recovery is still uncertain, we adjusted the company's 2024-2026 net profit forecast from 1.004/1.204/1.452 billion yuan to 0.839/1.173/1.376 billion yuan, corresponding EPS of 0.63/0.89/1.04 yuan, maintaining the “strong push” rating.
Risk warning: Changes in the external trade environment; downstream demand falls short of expectations; expansion of new products and new fields falls short of expectations; industry competition intensifies.
