风险提示：下游需求不及预期；客户导入不及预期；技术研发不及预期。2024Q2's performance increased significantly, and gross margin increased month-on-month, maintaining that the “buy” rating company 2024H1 achieved revenue of 0.873 billion yuan, +15.16% year over year; net profit to mother of 0.218 billion yuan, +47.45% year over year; after deducting non-net profit of 0.214 billion yuan, +55.21% year on year; gross profit margin 35.78%, +5.24 pcts year on year; 2024Q2 achieved revenue of 0.502 billion yuan, year on year +30.40%, +35.01%; net profit to mother 0.118 billion yuan, +42.25% YoY, +17.50% month-on-month; net non-net profit 0.131 billion yuan, +75.96% YoY, +56.33% month-on-month; gross profit margin 36.53%, +6.85pcts YoY, +1.77pcts month-on-month. Benefiting from the recovery in downstream demand, we raised our 2024/2025/2026 profit forecast to 0.459/0.589/0.752 billion yuan (previous value was 0.393/0.481/0.591 billion yuan), the corresponding EPS was 1.11/1.42/1.81 yuan, and the current stock price corresponding PE was 27.8/21.6/16.9 times. We are optimistic about the growth momentum brought by the automobile and other fields, and maintain a “buy” rating.
Various categories of MOSFETs contributed to revenue growth. IGBT is expected to recover by 2024H1 product, SGT-MOSFET achieved 0.36 billion yuan (41.44% revenue share), +40.29% year-on-year. Some varieties are in short supply. At the same time, in AI computing power server applications, many products are SGT series, and the company expects 2024H2 to continue to contribute to revenue growth; SJ-MOSFET will achieve 0.102 billion yuan (revenue share 11.78%), same as Compared to +8.49%, the company's 4th generation SJ MOS series models are complete and batch delivery has begun; Trench-MOSFET achieved 0.255 billion yuan (revenue accounting for 29.30%), benefiting from the recovery in downstream market demand, +19.64% year over year; IGBT achieved 0.141 billion yuan (revenue accounting for 16.20%), affected by weakening demand in the photovoltaic energy storage industry, -22.64% year over year. The company expects 2024H2 PV IGBT products to pick up further, with new products Current IGBT single tube loading is expected to contribute to the company's revenue growth.
Multiple fields are advancing simultaneously, and the automotive+AI server sector has brought growth momentum downstream. 2024H1 industrial control automation, pan-consumer, photovoltaic energy storage, automotive electronics, AI computing power and communications, and intelligent short transportation accounted for 42%/18%/14%/13%/9%/4%, respectively; in the automotive electronics sector, BYD's year-on-year increase in the number of products supplied by more than 50%, enabling the introduction of more automotive products; in the field of photovoltaic energy storage, the company vigorously promoted SGT products, forming order increments; in the field of AI servers, the company's products have been applied to GPUs Leading overseas customers in the field have also achieved mass sales, and future revenue is expected to grow rapidly.
Risk warning: downstream demand falls short of expectations; customer introduction falls short of expectations; technology research and development falls short of expectations.
