分下游来看，2024 年H1 手机、汽车、ARVR 相关产品收入为130、29、10 亿元，同增34%、16%、111%，占比为69%、15%、5%；分产品来看，2023 年光学零件、光电产品收入为65、132 亿元，同增25%、35%，毛利率为32%、8%，较去年同期提升6pct、1pct，溢利率为14.6%、4.3%，较去年同期提升2pct、4pct。Brief performance review
On August 20, 2024, the company issued the 2024 interim report results announcement. The company's H1 revenue in 2024 was 19 billion yuan, an increase of 32%, and net profit to mother was 1.08 billion yuan, an increase of 147%; revenue growth was mainly due to a recovery in consumer electronics demand, continuous optimization of the company's product structure, and steady growth in the automotive business.
Management analysis
Looking downstream, revenue from H1 mobile phones, automobiles, and ARVR related products in 2024 was 13, 2.9, and 1 billion yuan, up 34%, 16%, and 111%, accounting for 69%, 15%, and 5%; by product, revenue from optical components and optoelectronic products in 2023 was 6.5 or 13.2 billion yuan, up 25% and 35%, with gross margins of 32% and 8%, up 6 pcts and 1 pct from the same period last year. The profit margin was 14.6%, 4.3%, up 2 pcts from the same period last year. 4pct.
Mobile phone business: In 2024, shipments of H1 mobile phone lenses and cameras were 0.6 and 0.29 billion units, up 24% and 14%. Smartphones continued to recover. The revenue growth rate of the company's mobile phone business was superior to the growth rate of shipments, mainly due to continuous optimization of the product structure.
Automotive business: 1) Optical parts: The company's automotive lens shipments increased by 13% to 0.05 billion units in 2023, leading the global market share. It has completed research and development of ADAS automotive lenses with automatic heating function, and has obtained targeted projects from car brands; in addition, it has also completed the development of 3 million pixel side-view glass-plastic hybrid ADAS automotive lenses. This product further reduced the number of glass lenses and greatly reduced costs. 2) The company's 8 million pixel module has the largest market share in the world and has obtained multiple lidar fixed points.
XR business: The company's XR business clearly recovered in the first half of the year. At the same time, the company was the first manufacturer in the industry to mass-produce the smallest monochromatic and color microlight-emitting diode (“microLED”) optical machines, further deepening cooperation with downstream customers.
Robot vision: The company's robot navigation, obstacle avoidance and AI recognition camera modules and modules have begun to be widely used in the field of consumer robotics, and have been mass-produced and shipped to mainstream customers.
In addition, self-developed biometric algorithm modules have also been successfully shipped in batches to smart door lock head customers.
Profit Forecasts, Valuations, and Ratings
The company's net profit forecast for 2024-2026 is 2.2, 2.6, and 3 billion yuan. The current price of the company's stock is 22, 19, and 17 times the PE valuation, maintaining an “increase in holdings” rating.
Risk warning
Mobile camera upgrades are slow, demand for automotive lenses falls short of expectations, and competition in the industry is intensifying.
