高端产品需求旺盛，推动产品结构优化。24Q2 营收中值为11.50 亿元，同比+37%，环比+ 30%；归母净利润中值为0.75 亿元，同比+455%，环比+185%；扣非归母净利润中值为0.68 亿元，同比+588，环比+181%。据我们估算，24Q2摊销股权激励费用约1500 万元，加回股权激励费用后24Q2 归母净利润中值约为0.91 亿元，同比增长5.7 倍，环比增长2.4 倍。业绩高增主要系：（1）高层数、高精度、高密度和高可靠的PCB 需求增长，拉动公司产销量上行，带动营收同环比均大幅增长；（2）公司积极完善产品业务领域布局，产品结构持续优化，毛利率增长，带动净利润获得较大幅度提升。按预告中值估算，24Q2公司归母净利率预计为6.55%，同比+4.93pcts，环比3.56pcts。Matters:
On July 9, 2024, the company announced its 2024 semi-annual performance forecast: the company is expected to achieve revenue of 1.87-2.2 billion yuan (YoY 18-39%); net profit to mother 0.094-0.11 billion yuan (YoY 877-1049%); deducted non-net profit of 0.085-0.1 billion yuan (YoY 3145-3718%). 2024Q2 is expected to achieve revenue of 0.985-1.315 billion yuan (YoY 17-57%, QoQ 11-49%); net profit to mother 0.067-0.084 billion yuan (YoY 394-515%, QoQ 154-216%); deducted non-net profit of 0.061-0.076 billion yuan (YoY 512-664%, QoQ 150-212%).
Commentary:
High-end products are in high demand, promoting product structure optimization. The median revenue for 24Q2 was 1.15 billion yuan, +37%, +30% month-on-month; median net profit to mother was 0.075 billion yuan, +455% YoY, +185% month-on-month; median net profit after deducting non-return to mother was 0.068 billion yuan, +588, or +181% month-on-month. According to our estimates, the 24Q2 amortized equity incentive cost was about 15 million yuan. After the equity incentive fee was added, the median net profit of 24Q2 was about 0.091 billion yuan, an increase of 5.7 times over the previous year and 2.4 times the previous month. The high increase in performance was mainly due to (1) the increase in demand for high-rise, high-precision, high-density and high-reliability PCBs, which led to an increase in the company's production and sales volume and a significant year-on-month increase in revenue; (2) the company actively improved its product business layout, continued optimization of the product structure, and increased gross margin, which led to a significant increase in net profit. According to the median forecast estimate, the 24Q2 company's net interest rate due to mother is expected to be 6.55%, +4.93pcts year over year, and 3.56pcts month-on-month.
With AI and automotive two-wheel drive, the company's performance is expected to continue to rise. Digital communication board: The company is actively developing the server and 800G switch business, and has successfully developed many server customers, including Amazon. The AI-compatible motherboard and acceleration card projects have all entered the mass production stage, and are cooperating with customers to develop 800G switch products. With the commissioning of Dongcheng Phase IV and increasing production, the company's production capacity for AI products will be further expanded. The company has abundant production capacity for high-end PCBs, and is expected to accept more PCB orders for AI servers and high-speed switches, and embark on a new journey with Dongfeng in the AI industry. Automotive boards: Demand for automotive PCBs is growing steadily as automotive tri-transformation progresses. The company further developed the automotive electronics market, and the full commissioning of Ji'an Shengyi Phase I and the commissioning and production increase of Dongcheng Phase IV. The revenue scale of automotive electronics products increased dramatically in 2023, accounting for 17% of revenue, +6pcts compared to the previous year. The company continues to develop more new technologies and certify products for product lines such as intelligent assisted driving, power energy and smart cockpits. It is expected to win recognition from more new customers, introduce more batch orders, and promote steady growth in the automotive board business.
Investment advice: The company has first-class technology, products and customers, and is expected to benefit deeply from this round of rapid development of the AI industry. The company has already reversed its losses in Q1. The Q2 performance forecast has improved significantly over the same period. The recently released equity incentive plan shows confidence in performance. Considering the growth in the company's AI server and switch business, the Q2 performance forecast exceeded expectations. We adjusted the company's 24-26 profit forecast from 0.16/0.49/0.776 billion yuan to 0.186/0.545/0.816 billion yuan. Considering that the company is in a period of rapid growth at an inflection point in performance, along with rapid volume expansion on the demand side, profit elasticity is expected to continue to exceed expectations under high operating leverage, and we maintain the “recommended” rating.
Risk warning: The development of the AI industry falls short of expectations, the introduction of AI server customers falls short of expectations, the introduction of high-speed switch customers falls short of expectations, the rise in production capacity falls short of expectations, and the introduction of automotive customers and mass production of products fall short of expectations.
