基本每股收益(元)： 0.52 l F 证券研究报告 分立器件 新洁能（605111.SH） 买入-A(首次) 24H1 收入增长毛利率回升，多领域需求发展迅猛 2024 年 8 月 13 日 公司研究/公司快报 公司近一年市场表现 事件描述 公司发布 2024 年半年度报告。公司 2024 年上半年营业收入 8.73 亿元， 同比增长+15.16%，归母净利润 2.18 亿元，同比+47.45%；单二季度营业收 入 5.02 亿元，同比+30.40%，环比+35.01%，归母净利润 1.18 亿元，同比 +42.25%，环比 17.50%。 事件点评 公司业绩改善，产品结构优化。2024 年上半年下游市场逐步恢复，新兴 市场数据：2024 年 8 月 12 日 应用领域需求显著增加，公司顺应市场变化，满足市场新增需求，进而推动 收盘价（元）： 30.29 业绩稳步增长。公司 24H1 毛利率为 35.78%，同比增加 5.24pct，24Q2 毛利 年内最高/最低（元）： 45.33/25.70 率环比增加1.77pct至36.53%；公司24H1净利率为24.72%，同比增加5.56pct。 流通A股/总 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 45.4 CNY per share, compared to the current price of 30.29 CNY [1][2]. Core Insights - The company achieved significant revenue growth in Q2 2024, with a year-on-year increase of 30.40% to 5.02 billion CNY, and a quarter-on-quarter increase of 35.01% [1][2]. - Gross margin improved to 36.53%, up 6.85 percentage points year-on-year and 1.77 percentage points quarter-on-quarter [1][2]. - The net profit attributable to shareholders reached 1.18 billion CNY in Q2 2024, reflecting a year-on-year increase of 42.25% and a quarter-on-quarter increase of 17.50% [1][2]. - The company is focusing on optimizing its product structure and expanding into new markets, particularly in the automotive and AI sectors, which are expected to drive future growth [2]. Financial Summary - For H1 2024, the company reported total revenue of 873 million CNY, a year-on-year increase of 15.16% [1][3]. - The net profit attributable to shareholders for H1 2024 was 2.18 billion CNY, representing a year-on-year increase of 47.45% [1][3]. - The company’s revenue projections for 2024-2026 have been revised upwards, with expected net profits of 4.72 billion CNY in 2024, 5.84 billion CNY in 2025, and 7.10 billion CNY in 2026 [2][3].

公 司 半 年 报 点 评 证 券 研 究 报 告 公 司 报 告 | --- | --- | |------------------------------------|------------------| | 行业 | 电子 | | 公司网址 | www.ncepower.com | | 大股东 / 持股 | 朱袁正 /21.84% | | 实际控制人 | 朱袁正 | | 总股本 ( 百万股 ) | 415 | | 流通 A 股 ( 百万股 ) | 415 | | | | | 流通 B/H 股 ( 百万股 ) | | | 总市值 ( 亿元 ) | 126 | | 流通 A 股市值 ( 亿元 ) | 126 | | 每股净资产 ( 元 ) 资产负债率 (%) | 9.05 9.8 | | 行情走势图 | | | --- | --- | |--------|--------------------------| | | | | 徐碧云 | 投资咨询资格编号 | | | S1060523070002 | | | XUBIYUN372@pingan.com.cn | | 徐勇 | 投资咨询资格编号 | | | ...

快评 新洁能 2Q归母净利润同比增长 42%；管理层维持对 于2H24的积极展望 2Q24营收和归母净利润均好于我们和市场预期 2Q24公司的营业收入(+30%/+35% YoY/QoQ)和归母净利润(+42%/+18% YoY/QoQ) 分别较Reuters一致预期和瑞银证券预测高14%/13%（vs一致预 期）和13%/12%(vs 瑞银证券预测)。我们认为这主要是由于：1）2Q24公 司营业收入的环比增长受到需求回升、国产替代以及切入新的应用的综合影 响，好于过去3年的平均季节性（2Q24 +35% QoQ vs 历史平均+7% QoQ）；2）受到晶圆代工成本下降、产品结构改善等因素，公司2Q24综合 毛利率的环比表现（+1.8ppts QoQ）优于我们预期（我们之前预测环比大 致持平）。 哪些因素推动公司2季度业绩好于行业平均水平？ 2Q24公司营业收入环比增长35%，基于公司数据推算，我们估计其光伏储 能 、 汽 车 类 、 数 据 中 心 以 及 工 业 类 应 用 的 季 度 收 入 环 比 分 别 增 长74%/55%/35%/30%，而消费电子应用环比则增长12%。2季度公司毛利 率为36. ...

Financial Data and Key Metrics Changes - The company reported a revenue increase of 30% year-over-year and 35% quarter-over-quarter, reaching 518.07 million [2][13] - Net profit for the quarter was 117.58 million, reflecting a 42% year-over-year increase and a 17.5% quarter-over-quarter increase [2][13] - Gross margin improved from 34.76% in Q1 to 36.53% in Q2, driven by inventory optimization and cost management [11][27] Business Line Data and Key Metrics Changes - Sales of SDT MOS products were strong, expanding into high-end applications [3] - IGBT products adapted to market changes, broadening their application range and improving gross margins [3] - The company effectively reduced inventory levels and managed high-cost products, which is expected to enhance gross margins further [4][11] Market Data and Key Metrics Changes - Demand across all downstream sectors remained stable, particularly in the industrial sector due to strong growth in electric tools and industrial power supplies [8] - The consumer sector showed signs of recovery, aided by a gradual economic rebound and improved export markets [8] - The photovoltaic and energy storage markets exhibited rapid growth in specific regions, such as Africa [8] Company Strategy and Development Direction - The company is focusing on innovation and expanding into high-value areas, particularly in automotive and AI sectors [2][3] - Strategic adjustments in inventory management and product offerings are aimed at enhancing competitiveness in the semiconductor industry [4][10] - The company is leveraging its technical strengths and market sensitivity to adapt quickly to market changes and seize growth opportunities in renewable energy and photovoltaic sectors [7][10] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges from global economic slowdowns and intensified competition but emphasized the company's ability to respond flexibly to market demands [2][15] - There is optimism regarding the growth potential in the automotive and AI computing markets, with expectations for better performance in the second half of the year [4][9] - The company plans to maintain a proactive approach to inventory management and pricing strategies to sustain profitability [11][27] Other Important Information - The company’s subsidiaries are performing well, with Telecom Integration focusing on advanced packaging technology and achieving profitability [5][20] - The management team has been rejuvenated with younger talent, enhancing the company's competitive edge in international markets [6][22] Q&A Session Summary Question: What were the specific performance growth figures for Q2? - The company achieved a revenue of 518.07 million, a 35.01% increase from Q1, and a net profit of 117.58 million, also reflecting a 17.5% increase [13] Question: How did the company perform in the first half of 2024? - In the first half of 2024, the company reported a revenue of 873.49 million, a 15.16% year-over-year increase, and a net profit of 217.65 million, up 47.45% from the previous year [14] Question: How does the company view the current market environment and its strategies? - Despite challenges from economic slowdowns and competition, the company has adjusted production capacity and responded to customer demand, leading to steady performance [15] Question: How are the main product platforms performing? - SDT MOS products saw significant sales growth, becoming the largest sales platform; full-time MOS products also showed improvement due to diverse applications [15] Question: What is the current inventory situation and future outlook? - The company has reduced inventory levels for three consecutive quarters and is optimizing inventory structure to alleviate pressure from high-cost products [15] Question: Will gross margins rise in Q3? - There is an expectation for gross margins to increase in Q3 due to the clearance of high-cost inventory and strong demand for mid-to-low voltage products [16] Question: What is the long-term outlook for gross margins? - The company is optimistic about further gross margin growth due to ongoing structural optimization and increasing market demand [17] Question: How does the company assess the pricing cycle in the MOS and electronic fields? - Different product categories are experiencing varied pricing cycles, with expectations for strong demand in automotive and AI computing sectors [18] Question: What is the status of the upstream wafer supplier pricing? - There have been no significant price changes from upstream wafer suppliers, and the company is well-positioned to absorb potential price increases [19] Question: Can you provide an overview of the three subsidiaries? - The subsidiaries are focused on advanced packaging, module packaging, and integrated circuit R&D, all showing promising growth and profitability [20] Question: How has the number of product SKUs changed recently? - The number of SKUs has significantly increased, particularly in the MOS and IGBT categories, with plans for further expansion [21] Question: What are the reasons for recent management changes? - The management team has been refreshed with younger talent to enhance operational efficiency and market responsiveness [22] Question: How has technology upgrading impacted actual performance? - The company has achieved significant success in various sectors through continuous technology upgrades and product iterations [23] Question: What is the outlook for downstream market demand in the second half of the year? - The company expects strong performance across various sectors, including industrial, consumer electronics, and AI computing [25] Question: How does the company view competition in the automotive sector? - The company remains competitive in the automotive sector, leveraging cost optimization and product quality to maintain an edge over international competitors [26]

Investment Rating - The report maintains an "Accumulate" investment rating for the company [2][5]. Core Views - The company achieved record high revenue in Q2, with a continuous increase in gross margin for four consecutive quarters [2]. - The company is expanding its product offerings in IGBT and is entering the third-generation semiconductor and power IC sectors, supplying to leading international clients in AI computing [2][3]. - The revenue for H1 2024 reached 873 million, a year-on-year increase of 15.16%, with a net profit of 218 million, up 47.45% year-on-year [3]. - The gross margin for H1 2024 was 35.78%, an increase of 5.24 percentage points year-on-year, while the net margin was 24.72%, up 5.56 percentage points year-on-year [3]. - The company’s revenue structure has improved, leading to cost optimization and a more aggressive pricing strategy in certain product areas [3]. Financial Performance Summary - For H1 2024, the revenue breakdown by product type shows: - IGBT: Revenue of 141 million, down 22.64% year-on-year, accounting for 16.2% of sales [3]. - SGT-MOS: Revenue of 360 million, up 40.29% year-on-year, accounting for 41.44% of sales [3]. - SJ-MOS: Revenue of 102 million, up 8.49% year-on-year, accounting for 11.78% of sales [3]. - Trench MOS: Revenue of 255 million, up 19.64% year-on-year, accounting for 29.3% of sales [3]. - The company’s revenue forecast for 2024-2026 is projected at 1.87 billion, 2.27 billion, and 2.68 billion respectively, with corresponding net profits of 459 million, 547 million, and 636 million [2][9]. Market Position and Strategy - The company is recognized as a leading domestic MOSFET power device manufacturer, with a growing presence in AI computing, automotive electronics, and photovoltaic energy storage sectors [2][3]. - The company has established partnerships with major clients in the automotive electronics sector, significantly increasing product supply to BYD [3]. - The company is actively managing inventory in the photovoltaic sector, anticipating a recovery in demand for IGBT products in H2 2024 [3].

任正宣的分析师任正宣今天跟我同事张浩然一块组织我们的那个新节能的电话会今天也是有幸请到了新节能的萧总于总跟大家做一个周报的解读以及未来掌握了那个刚刚也是公司发布的那个二级报那个那个数据还是非常亮眼的一份财报我们看到Q2的话营收同比增长了30 环比增长了35% 金利润的话达到单单季度金额达到1.18亿同比正在马克思12环民正在17.5同时的话关于二季度库存进一步下降毛利率水平的话维持持续提升气氛非常亮丽采购公司也是作为我们的重点公司啊也是墨国内的墨索龙头我们看到近期的话在无人汽车或者AI领域的话都有一些新的突破 这块我待会我们请我们的工商的公司给我们详细的进行展开所以的话我们觉得就说新节能作为MOS的核心标的啊行业受益于产品价格的编辑改善同时的话自己通过持续研发投入在新产品品类的话持续扩张呃包括呃 料号的话 逐步丰富特别是在高付价的领域里面的话细节拓展所以的话是值得大家高度重视重点关注的所以今天的话也是请我们的萧总余总跟大家去进行一个深度的交流下面要为余总您先跟大家去交流一下我们谈报的一些具体情况那待会萧总跟大家进行相关的一些提问和回答谢谢 好的 谢谢郑总那也感谢您刚刚对我们公司的一个简单介绍那非常感谢各位投资 ...

来源：公司年报、国金证券研究所 新洁能 (605111.SH) 2Q24 扣非归母净利润同环比高增， 业绩简评 2024 年 8 月 12 日公司披露 2024 年半年报，1H24 公司实现营收 8.73 亿元，较去年同期增长 15.16%；1H24 实现归母净利润 2.18 亿元，同比增长 47.45%；实现归属于上市公司股东的扣除非经常 性损益的净利润 2.14 亿元，同比增长 55.21%。 经营分析 公司积极响应客户需求变化，提前加大排产推动收入和业绩同步 成长。2Q24 公司单季度营收 5.01 亿元，环比+35.01%；2Q24 实 现归母净利润 1.18 亿元，同比+42.25%，环比+17.50%，实现扣 非后归母净利润 1.31 亿元，同比+75.96%，环比+56.33%。1H24 公司 IGBT 实现收入 1.41 亿元，同比-22.64%，销售占比降至 16.20%。公司预计下半年光伏随着新品大电流 IGBT 单管上量， 销售将进一步回暖。1H24 公司 SGT-MOS 实现收入 3.60 亿元， 销售占比从去年同期 33.95%增长到 41.44%。根据公司公告， SGT-MOS 产 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, predicting a relative increase of over 20% compared to the benchmark index in the next 12 months [6]. Core Insights - The company has shown significant revenue and profit growth in Q2 2024, with a revenue of 5.0 billion yuan, a year-on-year increase of 30.4%, and a net profit of 1.2 billion yuan, up 42.3% year-on-year [1][2]. - The gross margin has improved to 36.5% in Q2 2024, reflecting a 6.9 percentage points increase year-on-year [1]. - The demand from downstream markets is gradually recovering, leading to accelerated inventory digestion and some products experiencing supply shortages [1]. - The company is actively responding to customer needs by introducing mid-to-high-end products in emerging application scenarios such as new energy vehicles, energy storage, and data centers, which is expected to further optimize the product structure [1][2]. Financial Performance - For the first half of 2024, the company achieved a revenue of 870 million yuan, a year-on-year increase of 15.2%, and a net profit of 220 million yuan, up 47.5% year-on-year [1]. - The revenue forecast for the company is projected to be 19.2 billion yuan in 2024, 24.0 billion yuan in 2025, and 30.3 billion yuan in 2026, with year-on-year growth rates of 30.03%, 25.00%, and 26.29% respectively [2][3]. - The net profit is expected to reach 4.5 billion yuan in 2024, 5.4 billion yuan in 2025, and 7.0 billion yuan in 2026, with year-on-year growth rates of 39.22%, 19.66%, and 30.05% respectively [2][3]. Product and Market Dynamics - The SGT-MOSFET product line is experiencing high demand, with revenue growth of 40.3% year-on-year, accounting for 41.4% of total revenue [1]. - The company has made significant progress in automotive electronics, with a partnership with BYD expected to enhance product supply by over 50% in the first half of 2024 [1]. - The AI computing server applications are also seeing substantial growth, with multiple products from the SGT series being utilized, indicating a strong sales outlook for the second half of the year [1].

Financial Performance - The company achieved operating revenue of CNY 873,489,034.82 for the first half of 2024, representing a 15.16% increase compared to the same period last year[17]. - Net profit attributable to shareholders reached CNY 217,648,539.88, marking a 47.45% increase year-over-year[17]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 214,135,001.84, up 55.21% from the previous year[17]. - The company reported a net cash flow from operating activities of CNY 92,836,752.29, a decrease of 37.21% compared to the same period last year[17]. - As of the end of the reporting period, net assets attributable to shareholders were CNY 3,758,200,800.38, reflecting a 3.17% increase from the end of the previous year[17]. - Total assets amounted to CNY 4,262,293,763.53, showing a decrease of 1.78% compared to the previous year[17]. - Basic earnings per share for the first half of 2024 were CNY 0.52, an increase of 44.44% year-over-year[18]. - The company reported a weighted average return on equity of 5.85%, up 1.56 percentage points from the previous year[18]. - In Q2 2024, the company achieved operating revenue of CNY 501,806,575.28, a quarter-over-quarter increase of 35.01%[19]. - Net profit attributable to shareholders in Q2 2024 was CNY 117,582,102.62, reflecting a 17.50% increase from Q1 2024[19]. Dividend Distribution - The company plans to distribute a cash dividend of 0.53 RMB per 10 shares, totaling approximately 21.96 million RMB to shareholders[4]. - The company has not proposed any capital reserve increase or stock distribution in the current profit distribution plan[95]. - The company will adjust the distribution amount per share if there are changes in total share capital before the equity distribution date[95]. Corporate Governance - The board of directors confirmed that all members attended the meeting, ensuring the report's accuracy and completeness[3]. - The financial report has been signed and stamped by the responsible persons, ensuring its authenticity[9]. - The report is unaudited, indicating that the financial figures may be subject to change upon final audit[3]. - The company has appointed new directors, Zhu Jiutao and Yang Zhuo, following the resignation of two board members, ensuring continuity in governance[94]. - The company has experienced a change in management, with Ye Peng appointed as the new General Manager and Li Zongqing as the new Deputy General Manager[94]. Risk Management - The report includes a detailed description of potential risk factors faced by the company[6]. - The company emphasizes the importance of investment risk awareness regarding forward-looking statements in the report[5]. - The company faces market volatility risks that could impact demand and pricing in the semiconductor power device industry, closely tied to macroeconomic conditions[87]. Research and Development - The company invested 40.47 million yuan in R&D in the first half of 2024, accounting for 4.63% of its operating revenue[50]. - The company has developed over 3,000 product models in power semiconductor devices, covering a voltage range from 12V to 1700V, with applications in over ten key sectors including new energy vehicles and AI computing servers[22]. - The company has established a complete technical team with extensive experience in IGBT module product development and quality management[62]. - The company is actively expanding into emerging markets such as AI servers and low-altitude economy applications, with significant growth in demand for its products in these sectors[49]. Market Trends - The global power semiconductor market is projected to grow from USD 50.3 billion in 2023 to USD 59.6 billion by 2027, with China expected to reach a market size of USD 20.6 billion in 2024, accounting for approximately 38% of the global market[26]. - The demand for automotive chips is expected to increase, with electric vehicles requiring approximately 1,600 chips per vehicle compared to 600-700 for traditional fuel vehicles[29]. - The global AI server market size is projected to grow from $21.1 billion in 2023 to $34.7 billion by 2026, with a CAGR of 17.3%[31]. Environmental Compliance - The company has implemented measures to reduce carbon emissions, contributing to global "carbon neutrality" and "carbon peak" goals through products used in photovoltaic, energy storage, and new energy vehicle sectors[100]. - The company has not faced any administrative penalties for environmental issues during the reporting period, adhering to various environmental protection laws[98]. - Wastewater generated during production is treated to meet the standards of GB8978-1996 and GB/T31962-2015, ensuring minimal impact on the surrounding water environment[98]. - The company has established strict measures for air pollution control, ensuring compliance with the secondary standards of GB16297-1996[98]. Shareholder Information - The total number of common shareholders as of the end of the reporting period is 65,292[132]. - The top shareholder, Zhu Yuanzheng, holds 90,723,226 shares, representing 21.84% of the total shares[132]. - Zhu Yuanzheng, the chairman, increased his holdings by 25,920,922 shares during the reporting period[136]. Financial Position - The total liabilities decreased to RMB 417,398,261.71 from RMB 608,777,027.02, representing a reduction of about 31.36%[142]. - The cash and cash equivalents decreased to RMB 1,980,439,907.42 from RMB 2,668,018,647.65, a decline of approximately 25.8%[140]. - The company's equity attributable to shareholders increased to RMB 3,758,200,800.38 from RMB 3,642,558,105.24, reflecting an increase of about 3.18%[142]. Investment Activities - The company has invested a total of 10 million yuan in the Wuxi Linchang Venture Capital Partnership, focusing on projects in the semiconductor industry chain, including new materials and testing equipment[115]. - The company has ongoing projects in the development and industrialization of third-generation semiconductor devices, with total investments of 4,146.51 RMB in the current year[79]. Compliance and Legal Matters - The company has not reported any major litigation or arbitration matters during the reporting period[114]. - There are no significant changes in the integrity status of the company and its controlling shareholders during the reporting period[114]. - The company has not disclosed any major related party transactions that have not been previously announced[116].