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 ...

证 2024 年 08 月 13 日 报 公 研 业务稳扎稳打实现利润高增，下游需求回暖多点 | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------|--------|-----------|-----------------------------|-------|--------------------------------------------------------------------|------- ...

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. ...