中银证券中银晨会聚焦

Core Insights - The report highlights significant performance challenges for the companies in the first half of 2024, with a notable decline in net profits due to increased competition and changes in customer demand [2][3][4] - Future growth is anticipated to be driven by advancements in edge AI technology, which is expected to enhance the integration of hardware and AI in various applications [4] Company Summaries Lingyi Technology - The company forecasts a substantial decline in net profit for the first half of 2024, estimated between 6.8 to 7.8 billion yuan, representing a year-on-year decrease of 45.52% to 37.51% [3] - The decline is attributed to the scaling of new business revenues that negatively impacted profitability and a decrease in overall gross margin due to intensified industry competition [3] - Lingyi Technology is expected to benefit from the "hardware + AI" upgrade trend, with significant growth in demand for components related to AI-enabled devices [4] Feirongda - Feirongda anticipates a revenue increase of approximately 21.70 billion yuan in the first half of 2024, reflecting a year-on-year growth of 22.05% [7] - The net profit is projected to be between 0.54 to 0.64 billion yuan, marking an impressive increase of 1243.65% to 1492.48% compared to the previous year [7] - The company is experiencing growth across consumer electronics, new energy vehicles, and communication sectors, with successful advancements in server cooling products [8] Sitwei - Sitwei's revenue for the first half of 2024 is expected to be around 24.5 billion yuan, showing a year-on-year increase of 128% [11] - The company is projected to achieve a net profit of approximately 1.48 billion yuan, indicating a turnaround from previous losses [12] - Sitwei is positioned to capture market share in high-end mobile CIS products, benefiting from the exit of competitors like SK Hynix from certain market segments [13]