SHENGYI ELECTRONICS CO.(688183) 华创证券·2024-07-10 09:31Investment Rating - The report maintains a "Recommend" rating for the company, indicating expectations of outperformance relative to the benchmark index by 10%-20% over the next 6 months [51] Core Views - Strong demand for high-end products drives structural optimization, with 24Q2 revenue reaching 1.15 billion yuan, up 37% YoY and 30% QoQ [7] - Net profit attributable to parent company in 24Q2 is 75 million yuan, surging 455% YoY and 185% QoQ [7] - AI and automotive sectors are dual growth drivers, with AI-related server and 800G switch businesses entering mass production [7] - Automotive PCB business shows robust growth, with revenue share reaching 17% in 2023, up 6 percentage points YoY [7] Financial Performance - 2024H1 revenue is projected at 1.87-2.20 billion yuan, representing 18-39% YoY growth [31] - 2024H1 net profit attributable to parent company is expected to be 94-110 million yuan, marking 877-1049% YoY increase [31] - 2024Q2 revenue forecast is 985 million to 1.315 billion yuan, with 17-57% YoY and 11-49% QoQ growth [31] - 2024Q2 net profit attributable to parent company is projected at 67-84 million yuan, showing 394-515% YoY and 154-216% QoQ growth [31] Business Development - The company has successfully developed server customers including Amazon, with AI-related motherboard and accelerator card projects in mass production [7] - Expansion of high-end PCB capacity through Dongcheng Phase IV project supports AI server and high-speed switch PCB orders [7] - Automotive electronics business benefits from smart driving, power energy, and smart cockpit product lines, with new customer acquisition and batch orders [7] Valuation and Forecast - 2024-2026 profit forecasts are adjusted to 186 million, 545 million, and 816 million yuan respectively [7] - 2024E revenue is projected at 4.459 billion yuan, with 36.2% YoY growth [32] - 2025E revenue is estimated at 5.409 billion yuan, representing 21.3% YoY growth [32] - 2026E revenue is forecasted at 6.474 billion yuan, with 19.7% YoY growth [32] Market Performance - Current share price is 20.48 yuan, with a total market capitalization of 17.036 billion yuan [16] - 12-month high/low prices are 21.39/6.08 yuan [16] - P/E ratio for 2024E is 92x, decreasing to 31x in 2025E and 21x in 2026E [32]