BPSemi(SH:688368) Huajin Securities·2024-07-24 12:30Investment Rating - The report maintains a "Buy-A" rating for the company, indicating a positive outlook for future performance [1][9]. Core Insights - The company is expected to achieve revenue of approximately 733 to 736 million yuan in the first half of 2024, representing a year-on-year growth of 19.05% to 19.64% [1]. - The net profit attributable to shareholders is projected to reduce losses significantly, with estimates ranging from -32.94 to -28.67 million yuan, compared to a loss of 189.84 million yuan in the same period last year [1]. - The company has four main product lines that are steadily developing, with strong competitive new products expected to be launched [1]. Financial Performance Summary - For the first half of 2024, the company anticipates a revenue increase of 18.16% to 19.21% in the second quarter, with a quarter-on-quarter growth of 29.86% to 31.02% [1]. - The projected revenue for 2024 is 1.704 billion yuan, with growth rates of 30.7%, 26.3%, and 23.3% expected for the years 2024, 2025, and 2026 respectively [9][10]. - The net profit attributable to shareholders is expected to be 10 million yuan in 2024, with significant growth anticipated in subsequent years [10]. - The gross margin is projected to improve to 27.5% in 2024, with further increases expected in the following years [10]. Product Development and Market Position - The company has successfully cleared inventory for its LED lighting power management chips, and the gross margin for this product line has returned to normal levels [1]. - The AC/DC power management chips have seen production ramp-up with major domestic and international appliance brands [1]. - The company is also advancing in the development of DC/DC power management chips, with a focus on high-current step-down solutions [1].