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].

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Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating a predicted increase of over 20% relative to the benchmark index within the next 12 months [3][11]. Core Insights - The company has exceeded expectations in its Q3 guidance, with a significant acceleration in 12-inch wafer production. The revenue for Q2 2024 reached $1.9 billion, representing a year-over-year increase of 21.8% and a quarter-over-quarter increase of 8.6% [4][5]. - The company is experiencing a recovery in capacity utilization, which has improved from a low of 77-78% in Q3 2023 to 85.2% in Q2 2024, reflecting confidence in its growth strategy [5][6]. - The company plans to maintain its capital expenditure at approximately $7.5 billion for 2024, consistent with 2023 levels, driven by improvements in the global equipment supply chain [5][6]. Financial Performance - In H1 2024, the company reported total revenue of $3.65 billion, a year-over-year increase of 20.8%, while the net profit attributable to shareholders was $236 million, down 62.7% year-over-year [4][5]. - The gross margin for H1 2024 was 13.8%, a decrease of 6.7 percentage points year-over-year [4]. - The company expects Q3 2024 sales revenue to grow by 13%-15% quarter-over-quarter, with gross margins projected to improve to between 18-20% [6]. Market Position and Strategy - The company is benefiting from strong domestic demand and government support, positioning itself as a key player in the semiconductor industry amid ongoing global supply chain challenges [6]. - The company is accelerating its expansion plans for 12-inch wafers, with an increase in production capacity expected to reach an additional 60,000 wafers per month by the end of 2024 [5][6]. - The company anticipates achieving revenues of RMB 551.9 billion, RMB 618.6 billion, and RMB 685.9 billion for the years 2024, 2025, and 2026, respectively, with net profits projected to be RMB 48.9 billion, RMB 60.7 billion, and RMB 67.7 billion [6][7].

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金融工程 研 究 2024.08.12 金融工程周报 大小市值宽基标的资金流向出现分化，长久期债券 ETF 申购成交活跃 方 正 证 券 研 究 所 证 券 研 究 报 告 分析师 刘洋 登记编号：S1220522100001 庞敏 登记编号：S1220524040002 相关研究 《7 月新成立基金合计募资 563.8 亿元，环比 减少超千亿元》2024.08.06 《华泰柏瑞 300ETF 规模突破 2500 亿元，东方 红资管新发偏债 FOF 募资近 40 亿 元 》 2024.07.29 《市场资金流入规模明显放量，四大 300ETF 净申购额超 600 亿元》2024.07.22 《300/500/1000ETF 同获大额申购，红利主题 产品发行申报热度仍处高位》2024.07.16 《市场资金连续三周大额申购 300ETF，南方、 华泰柏瑞沙特 ETF 顺利结募》2024.07.09 《不同市值核心宽基标的均获大额申购，6 月 新成立基金募资超 1800 亿元 》2024.07.02 1、 1、基金表现回顾 主动权益基金：普通股票/偏股混合/灵活配置/平衡混合基金周收益中位数 分别为-1.36%/ ...

公司研究 2024.08.12 百亚股份（ 003006） 公司点评报告 24Q2 收入表现超预期，电商及外围市场扩张提速 方 正 证 券 研 究 所 证 券 研 究 报 告 | --- | --- | |--------|---------------------------| | | | | | | | 分析师 | | | 李珍妮 | 登记编号： S1220523080002 | | 马萤 | 登记编号： S1220524040001 | | --- | --- | |-------------------------|-------------| | | | | 推 荐 ( 维 持 | ) | | 公司信息 行业 | 生活用纸 | | 最新收盘价 (人民币/元) | 21.75 | | 总市值(亿 )(元) | 93.38 | | 52 周最高/最低价(元 ) | 24.62/12.87 | -18% -2% 14% 30% 46% 62% 23/8/12 23/11/11 24/2/10 24/5/11 24/8/10 百亚股份 沪深300 历史表现 数据来源：wind 方正证券研究所 | --- | ...

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