Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a revenue of 873 million yuan for the first half of 2024, representing a year-on-year growth of 15.2%. The gross margin increased to 35.78%, up by 5.2% year-on-year. The net profit attributable to shareholders reached 218 million yuan, a 47.5% increase year-on-year, while the net profit excluding non-recurring items was 214 million yuan, growing by 55.2% year-on-year [2] - In Q2 2024, the company achieved a revenue of 502 million yuan, a quarter-on-quarter increase of 35%. The gross margin for Q2 was 36.53%, up by 1.8% from the previous quarter, with a net profit of 118 million yuan, reflecting a 17.5% quarter-on-quarter growth [2] - The company is focusing on optimizing its product, market, and customer structures, which is expected to further enhance its gross margin. The reduction of high-cost inventory and the expansion into emerging application fields are key drivers for this improvement [2] - Sales of medium and low-voltage MOS products have significantly increased, while the demand for photovoltaic IGBT is gradually recovering. The company’s SGT-MOS products saw a revenue of 360 million yuan in H1 2024, a year-on-year increase of 40.29%, with sales proportion rising from 33.95% to 41.44% [2] - The company forecasts net profits attributable to shareholders of 460 million yuan, 588 million yuan, and 703 million yuan for 2024, 2025, and 2026 respectively [3][5] Financial Summary - For 2023, the company reported a revenue of 1.477 billion yuan, with a projected growth rate of -18.46%. The expected revenue for 2024 is 1.949 billion yuan, with a growth rate of 32.02% [3][5] - The EBITDA for 2024 is projected to be 497 million yuan, with a net profit attributable to shareholders of 464 million yuan, reflecting a growth rate of 43.6% [3][5] - The earnings per share (EPS) is expected to be 1.12 yuan in 2024, with a price-to-earnings (P/E) ratio of 27.62 [3][5]

Investment Rating - The investment rating for the company is "Buy" [4] Core Insights - The company reported a revenue of 873 million yuan for the first half of 2024, representing a year-on-year growth of 15.16%. The net profit attributable to shareholders reached 218 million yuan, with a year-on-year increase of 47.45% [2][6] - The company's MOSFET business shows a clear recovery trend, with significant year-on-year growth in various products, particularly SGT-MOSFET, which achieved a revenue of 360 million yuan, up 40.29% year-on-year [7] - The company is expanding its presence in the automotive electronics sector and has begun mass sales of AI server products to leading clients, with expectations for further growth in this area [7] Financial Performance - For Q2 2024, the company achieved a revenue of 502 million yuan, with a quarter-on-quarter growth of 35.01% and a year-on-year growth of 30.40%. The net profit for the same period was 118 million yuan, reflecting a quarter-on-quarter increase of 17.50% and a year-on-year increase of 42.25% [6] - The gross margin and net margin for Q2 2024 were 36.53% and 23.34%, respectively, with year-on-year changes of 6.85 and 2.15 percentage points [6] Future Projections - The company is expected to see revenues of 1.845 billion yuan, 2.289 billion yuan, and 2.796 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 24.97%, 24.03%, and 22.17% [8] - The net profit attributable to shareholders is projected to be 457 million yuan, 564 million yuan, and 696 million yuan for the same years, with growth rates of 41.36%, 23.49%, and 23.43% [8] Valuation Metrics - The earnings per share (EPS) are forecasted to be 1.10 yuan, 1.36 yuan, and 1.68 yuan for 2024, 2025, and 2026, with corresponding price-to-earnings (P/E) ratios of 29, 23, and 19 [9] - The company’s price-to-book (P/B) ratio is expected to decrease from 3.3 in 2024 to 2.6 in 2026 [9]

Investment Rating - The investment rating for the company is "Outperform the Market" [3][13]. Core Views - The company has shown continuous improvement in gross margin for four consecutive quarters, with revenue, gross margin, and net profit all increasing in Q2 2024. Revenue reached 500 million yuan, a year-on-year increase of 30.4% and a quarter-on-quarter increase of 35%. Net profit attributable to the parent company was 118 million yuan, up 42.25% year-on-year and 17.5% quarter-on-quarter, with a gross margin of 36.53%, reflecting a year-on-year increase of 6.85 percentage points and a quarter-on-quarter increase of 1.77 percentage points [1][2]. Summary by Sections Revenue and Profitability - In the first half of 2024, the company's revenue from industrial control accounted for 42%, AI computing and communication accounted for 9%, optical storage accounted for 17%, automotive electronics accounted for 13%, and photovoltaic storage accounted for 14%. The automotive electronics segment saw a growth of over 50% in product quantity year-on-year [1]. - The revenue from Trench MOS was 255 million yuan (YoY +19.64%), SGT MOS was 360 million yuan (YoY +40.29%), SJ MOS was 102 million yuan (YoY +8.49%), and IGBT was 141 million yuan (YoY -22.64%) [1]. Product Development and Market Expansion - The company is expanding its product offerings in automotive and AI computing sectors, with significant sales in GPU applications to leading overseas clients. The demand for photovoltaic products is also increasing due to unstable power supply factors in regions like Africa [1]. - The company has made advancements in its fourth-generation SJ MOS platform, with ongoing development of SiC and GaN products. The SGT MOS series has completed automotive certification for applications in AI computing and hybrid electric vehicles [1]. Financial Forecast - The company is expected to achieve net profits of 496 million yuan, 584 million yuan, and 667 million yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 54%, 18%, and 14%. The corresponding price-to-earnings ratios for these years are projected to be 27, 23, and 20 times [1][2].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][2] Core Views - The company has shown significant recovery in H1 2024, with revenue of 873 million yuan, a year-on-year increase of 15.16%, and a net profit of 218 million yuan, up 47.45% year-on-year. The gross margin improved to 35.78%, an increase of 5.24 percentage points year-on-year [2] - The growth is driven by the recovery in downstream demand, particularly in the automotive and AI server sectors, which are expected to accelerate in H2 2024 [2][3] Financial Performance Summary - For H1 2024, the company achieved a revenue of 873 million yuan, with a net profit of 218 million yuan and a gross margin of 35.78% [2] - In Q2 2024, the company reported a revenue of 502 million yuan, a year-on-year increase of 30.40%, and a net profit of 118 million yuan, up 42.25% year-on-year [2] - The company has revised its profit forecasts for 2024, 2025, and 2026 to 459 million yuan, 589 million yuan, and 752 million yuan respectively, with corresponding EPS of 1.11 yuan, 1.42 yuan, and 1.81 yuan [2][5] Product Contribution and Market Segmentation - In H1 2024, the SGT-MOSFET product line generated 360 million yuan in revenue, accounting for 41.44% of total revenue, with a year-on-year growth of 40.29% [3] - The SJ-MOSFET and Trench-MOSFET segments also contributed significantly, with revenues of 102 million yuan and 255 million yuan respectively [3] - The automotive electronics sector has seen a substantial increase in product supply, particularly with BYD, which has increased product offerings by over 50% [4] Future Outlook - The company anticipates continued revenue growth in H2 2024, particularly from the AI server applications and new product launches in the photovoltaic storage sector [3][4] - The overall market segments contributing to revenue include industrial automation, consumer electronics, photovoltaic storage, automotive electronics, AI computing, and communication, with respective revenue shares of 42%, 18%, 14%, 13%, 9%, and 4% in H1 2024 [4]

Investment Rating - The investment rating for the company is "Buy - A" with a six-month target price of 36.1 CNY [6][9]. Core Views - The company reported a revenue of 873 million CNY for the first half of 2024, representing a year-on-year increase of 15.16%. The net profit attributable to shareholders reached 218 million CNY, up 47.45% year-on-year [2]. - The demand from emerging fields and the recovery of downstream markets have led to a continuous increase in product orders, allowing for rapid inventory turnover [3]. - The company has significantly increased its production capacity in response to market changes and customer needs, particularly for its SGT-MOSFET product line, which saw a revenue of 360 million CNY in the first half of 2024, a growth of 40.29% year-on-year [3]. Summary by Sections Financial Performance - In the second quarter of 2024, the company achieved a revenue of 502 million CNY, a quarter-on-quarter increase of 35.01% [2]. - The company expects continued sales growth in its SGT products, driven by the increasing demand for AI computing servers [3]. Market Development - The company has strengthened its collaboration with leading clients in the photovoltaic industry and is actively developing new customer bases in emerging fields such as AI computing and low-altitude economy [4]. - The partnership with BYD in automotive electronics has resulted in over a 50% increase in product supply in the first half of 2024 [4]. Research and Development - The company invested over 40 million CNY in R&D in the first half of 2024, accounting for 4.63% of its revenue, focusing on enhancing its core product competitiveness [5]. - The company has established advanced power module production lines and is positioned as a leading domestic semiconductor power device design company [5]. Future Projections - Revenue projections for 2024 to 2026 are 1.887 billion CNY, 2.346 billion CNY, and 2.920 billion CNY, respectively, with net profits of 454 million CNY, 576 million CNY, and 732 million CNY [9]. - The company maintains a price-to-earnings ratio of 33 times for 2024, supporting its target price of 36.1 CNY [9].

Investment Rating - The report maintains a "Buy" rating for the company [4] - The target price is set at 39.80, with the current price at 30.68 [4] Core Insights - The company's profitability continues to recover, with rapid growth in emerging sectors becoming a new growth driver [2][4] - For the first half of 2024, the company reported revenue of 873 million, a year-on-year increase of 15.16%, and a net profit attributable to shareholders of 218 million, up 47.45% year-on-year [9] - The growth in revenue and profit is attributed to the optimization of product and customer structures, accelerated inventory digestion, and a gradual recovery in downstream market demand [9] Financial Performance - The company’s Q2 2024 revenue was 502 million, a quarter-on-quarter increase of 35.01%, with a net profit of 118 million, up 17.5% [9] - The gross margin for Q2 2024 was 35.78%, marking three consecutive quarters of growth [9] - The company’s EPS for 2024 is projected to be 1.13, with a downward adjustment from previous estimates due to stock expansion and lower-than-expected product price rebounds [9][10] Market Position and Growth Drivers - The automotive sector saw a significant increase, with product supply growing over 50% year-on-year in the first half of 2024, and the company has delivered products to nearly 100 Tier 1 manufacturers [9] - In the AI sector, the company is expanding its market share in traditional server markets and has achieved large-scale sales in GPU applications [9] - The report highlights catalysts such as the acceleration of AI computing infrastructure and the company's increasing market share [9]

Investment Rating - The report maintains a "Buy" rating for the company, with an updated target price of RMB 38.7, indicating a potential upside of 22% [1][3]. Core Insights - The company's products are in high demand due to a recovery in downstream sectors such as consumer electronics and industrial applications, as well as growth in automotive electronics and AI servers. The company is expected to benefit from product structure optimization, price increases, and cost reductions in the second half of the year [1][6]. - The second quarter performance exceeded expectations, with revenue growth of 35% quarter-on-quarter and 30% year-on-year, leading to a net profit of RMB 118 million, a 42% increase year-on-year [1][6]. - The company is positioned for a supply-demand imbalance, with expectations for further capacity expansion in the coming year [1][7]. Financial Performance Summary - **Revenue Forecast**: Projected revenues for 2024 are RMB 1,923 million, with a year-on-year growth rate of 30% [2][7]. - **Gross Margin**: Expected gross margin for 2024 is 36.4%, improving from 30.8% in 2023 [2][7]. - **Net Profit**: Forecasted net profit for 2024 is RMB 466 million, reflecting a 44% increase compared to 2023 [2][7]. - **Earnings Per Share**: Basic earnings per share are projected to be RMB 1.12 for 2024, up from RMB 0.84 in the previous forecast [7]. Valuation and Estimates - The report employs a DCF valuation method, assuming a WACC of 9.0% and a perpetual growth rate of 3%. The target price of RMB 38.7 is derived from these assumptions [1][8]. - The company’s current P/E ratio is 28x for 2024, which is considered attractive compared to historical averages [1][11]. Market Outlook - The company is expected to see strong demand in industrial applications, with significant recovery in consumer electronics and automotive sectors. The AI computing segment is also anticipated to grow substantially in the coming years [1][6]. - The report highlights the potential for further growth in the company's automotive electronics and AI server businesses, maintaining a positive long-term outlook [1][6].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company achieved a revenue of 873 million yuan in H1 2024, representing a year-on-year growth of 15.2%, and a net profit attributable to shareholders of 218 million yuan, up 47.5% year-on-year [5] - In Q2 2024, the company reported revenue of 502 million yuan, a year-on-year increase of 30.4%, and a net profit of 118 million yuan, growing 42.3% year-on-year [5] - The power segment shows continuous marginal improvement, with Q2 2024 revenue growth exceeding expectations due to recovering demand in the photovoltaic new energy sector and automotive electronics [5] - The company is actively adjusting its product structure, with significant contributions from automotive electronics and AI applications [5] - Inventory levels are decreasing, and gross margins are improving, with Q2 2024 gross margin at 35.8%, up 3.2 percentage points year-on-year [5] Financial Summary - For 2024E, total revenue is projected to be 1,790 million yuan, with a year-on-year growth rate of 21.2% [7] - The net profit attributable to shareholders is expected to reach 455 million yuan in 2024E, reflecting a growth rate of 40.7% [7] - The company’s gross margin is forecasted to be 34.4% in 2024E [7] - The price-to-earnings ratio for 2024 is estimated at 29 times [7]

相对沪深 300 表现 2024/08/13 新洁能 1.8% 14.9% 16.1% 总股本（万股） 41,533.26 2024 年 08 月 13 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 姚丹丹 S0350524060002 yaodd@ghzq.com.cn 证券分析师： 郑奇 S0350524030006 zhengq@ghzq.com.cn 证券分析师： 高力洋 S0350524010003 gaoly01@ghzq.com.cn [Table_Title] 光储复苏+汽车&AI 放量，毛利率连续 4 个季度 实现环比增长 ——新洁能（605111）2024 年半年报点评 最近一年走势 事件: 8 月 12 日，新洁能发布 2024 年半年报：2024H1 公司实现营业收入 8.73 亿元，同比增长 15.16%，其中 2024Q2 收入 5.02 亿元，同比增长 30.4%， 环比增长 35%。毛利率方面，2024H1 毛利率 35.78%，同比增加 5.24pct； 其中 2024Q2 毛利率 36.53%，同比增加 6.85pct，环比增加 1.77pct。净 利润方面，2 ...

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