H2 电源管理芯片或受益汽车前装等新品放量，快充协议芯片或有望增长。24Q3 revenue for the single quarter was +13.3% month-on-month, after deducting non-net profit +43.1% month-on-month, which was basically in line with expectations.
Revenue for the first three quarters of 24 years ago was 1.024 billion yuan, +21.5% year-on-year, and net profit attributable to mother was 0.089 billion yuan, +4.7 times year-on-year, after deducting non-net profit of 0.081 billion yuan, +13.0 times year-on-year.
24Q3 single quarter revenue of 0.405 billion yuan, +13.3% month-on-month, net profit of 0.05 billion yuan month-on-month, +42.5% month-on-month after deducting non-net profit of 0.046 billion yuan, +43.1% month-on-month; gross profit margin 33.98%, net profit margin 12.33%, +2.51pct month-on-month, net profit margin 11.43% month-on-month, +2.38pct month-on-month, mainly the Q3 single quarter R&D expense ratio -1.30pct month-on-month Caused by.
Fast charging protocol chips may increase due to the release of new products such as H2 power management chips or car front components.
1) The largest business is power management chips. 24H1 has revenue of 0.45 billion yuan, accounting for 74.9% of total revenue and a gross profit margin of 32.41%. Considering that power management chips such as the company's vehicle regulations, new energy, and PMU are progressing smoothly, H2 is expected to continue to benefit from the increase in the volume of new products such as automotive front-loading charger chips.
2) The second largest business is fast charging protocol chips. 24H1 has revenue of 0.151 billion yuan, accounting for 25.1% of total revenue and 35.88% gross profit margin. Considering that it is one of the few domestic chip manufacturers that have entered the original charger market for branded mobile phone customers, the company's fast charging protocol chips are highly reliable, and the failure rate of terminal repairs is controlled below 10 PPM. H2 is expected to benefit from smartphone promotion and the increase in the penetration rate of fast charging power adapters to drive performance growth.
Automotive front-end products have achieved million-level shipments and expanded the layout of diversified circuits such as new energy/intelligent audio.
1) In the field of automotive electronics: The company attaches great importance to automotive electronics-related business, and has successfully entered domestic and foreign car brand manufacturers with the “Car Front Charger Chip” product. 24H1 has achieved a shipment volume of one million.
2) New energy sector: The company has developed DCDC with a variety of integrated MPPT algorithms, which has significantly improved photovoltaic energy conversion efficiency, and has now been successfully introduced to some leading customers; 3) in the field of intelligent audio, the company independently develops core technologies such as “miniature sound reproduction system technology”, and the company's smart audio amplifier chip is expected to be sampled by 24H2; 4) In the PMU field, the company's PMU chips have been successfully introduced to leading customers. The products are widely used in 4G/5G communications, smart homes, smart grids, AI servers, etc.
Domestic power management is cutting-edge. It is unique in digital-analog hybrid SoC analog chips and maintains a “gain” rating.
According to Frost & Sullivan data, the global power management chip market is expected to grow to $52.6 billion by 2025. The company is unique in digital-analog hybrid SoC analog chips. It maintains a leading position in the field of power management and fast charging protocols. At the same time, it is expanding its layout in new fields such as automotive electronics/new energy/PMU/intelligent audio, and has broad room for growth. The company's net profit from 2024 to 2026 is expected to be 0.138/0.167/0.188 billion yuan, respectively, corresponding to 24/25/26 PE of 58/48/43 times, maintaining an “increase in holdings” rating.
Risk warning: risk of technological upgrading and iteration; risk of market competition; downstream demand falling short of expectations; macro-environmental risk, etc.
