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 ...

证 券 研 究 报 告 新洁能（605111）2024 年半年报点评 强推（维持） 24Q2 业绩高增长，汽车+AI 业务加速放量 目标价：45.4 元 当前价：30.29 元 事项： ❖ 2024 年 8 月 12 日，公司发布 2024 年半年度报告： ❖ 1）2024H1：公司实现营业收入 8.73 亿元，同比+15.16%；毛利率 35.78%，同 比+5.24pct；归母/扣非归母净利润 2.18/2.14 亿元，同比+47.45%/+55.21%； ❖ 2）2024Q2：公司实现营业收入 5.02 亿元，同比/环比+30.40%/+35.01%；毛利 率 36.53%，同比/环比+6.85pct/+1.77pct；归母净利润 1.18 亿元，同比/环比 +42.25%/+17.50%；扣非归母净利润 1.31 亿元，同比/环比+75.96%/+56.33%。 评论： ❖ 24Q2 业绩同/环比高增，产品结构优化有望带动公司盈利能力稳步提升。公司 充分利用技术、产品和产业链优势，积极调整产品/市场/客户结构，持续优化 成本，带动业绩同/环比实现高增长，2024Q2 公司营业收入同比/环比 +30.4 ...

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]

证券研究报告 | 公司点评报告 2024 年 08 月 13 日 基础数据 总股本（百万股） 415 已上市流通股（百万股） 415 总市值（十亿元） 12.6 流通市值（十亿元） 12.6 每股净资产（MRQ） 9.0 ROE（TTM） 10.5 资产负债率 9.8% 主要股东 朱袁正 主要股东持股比例 21.84% 股价表现 新洁能（605111.SH） Q2 单季营收创历史新高，毛利率水平环比持续提升 TMT 及中小盘/电子 当前股价：30.29 元 新洁能是国内 MOS 品类最齐全的公司，拓展 IGBT 产品，并布局第三代半导体 和功率 IC 领域，下游应用中向 AI 算力等领域国际头部客户厂商供货。新洁能 发布 2024 年半年报，结合公告信息，点评如下： ❑ 公司 24H1 营收同比实现增长，单季毛利率环比实现连续四个季度增长。 24H1：营收 8.73 亿元，同比+15.16%，归母净利润 2.18 亿元，同比+47.45%， 毛利率 35.78%，同比+5.24pcts，净利率 24.72%，同比+5.56pcts。24Q2： 营收 5.02 亿元，同比+30.4%/环比+35.01%，主要受 ...

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].

2024 年半年度报告 公司代码：605111 公司简称：新洁能 无锡新洁能股份有限公司 2024 年半年度报告 1 / 178 2024 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人朱袁正、主管会计工作负责人陆虹及会计机构负责人（会计主管人员）邱莹莹声 明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 公司拟以截至2024年8月12日的总股本扣除回购专户中的股份数量后的股本数414,278,987股 为基数，向全体股东每10股派发现金红利0.53元（含税），预计派发现金21,956,786.31元（含税 ），剩余未分配利润结转以后年度分配。如在本半年度利润分配预案披露之日起至实施权益分派 股权登记日期间，公司总股本发生变动的，拟维持分配总额不变，相应调整每股分配金额，并另 行公告具体调整情况。 六、 前瞻性陈述的风险声明 ...