Amlogic(SH:688099) Haitong Securities·2024-07-24 06:01Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company has reported a significant improvement in performance, with Q2 revenue reaching a historical high for the quarter. The forecast for H1 2024 indicates an expected revenue of approximately 3.016 billion yuan, representing a year-on-year growth of about 28.32%. The net profit attributable to the parent company is projected to be around 362 million yuan, reflecting a year-on-year increase of 95.98% [5][6] - The T series products continue to show high growth rates, with a year-on-year sales revenue increase of approximately 70% in the first half of 2023. The first quarter of 2024 saw T series sales revenue more than doubling year-on-year, driven by deepening collaborations with major global television ecosystems and the introduction of new products [5] Summary by Sections Financial Performance - Q2 revenue reached approximately 1.638 billion yuan, a year-on-year increase of 24.51% and a quarter-on-quarter increase of 18.81%. The net profit for Q2 is estimated at around 234 million yuan, marking a year-on-year growth of 51.97% and a quarter-on-quarter growth of 83.82% [5] - The company expects further revenue growth in Q3 2024 and for the entire year [5] Earnings Forecast - The earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 1.97 yuan, 2.55 yuan, and 3.10 yuan respectively. The price-to-earnings (PE) valuation for 2024 is estimated to be in the range of 40-50 times, corresponding to a fair value range of 78.8-98.5 yuan [6][9] Market Comparison - The company’s performance is compared to peers, with a focus on the PE ratios of comparable companies. The average PE for comparable companies is noted, indicating the company's competitive positioning in the market [8][9]