Investment Rating - The report maintains an "Accumulate-A" rating for the company [7] Core Views - The company's performance in the first half of 2024 shows a continued positive trend, with revenue and net profit both experiencing rapid growth. The main reasons include the leading product performance and self-research advantages, which have led to increased market penetration and sales growth [6][7] - The company is actively expanding into high-end industrial, surveying, oil exploration, and autonomous driving sectors, with ongoing projects and collaborations [6][7] Financial Summary - Revenue (in million) is projected to grow from 317 in 2023A to 463 in 2024E, representing a year-on-year growth of 46.0% [2] - Net profit (in million) is expected to increase from 165 in 2023A to 231 in 2024E, with a year-on-year growth of 39.5% [2] - The gross margin is forecasted to decline from 83.0% in 2023A to 80.9% in 2024E, while the net margin is expected to decrease from 52.2% to 49.8% during the same period [2] - Earnings per share (EPS) is projected to rise from 0.41 in 2023A to 0.58 in 2024E [2] - The company plans to increase R&D investment significantly, with R&D expenses expected to grow by 61.84% in the first half of 2024 compared to the previous year [6][7] Market Performance - As of July 30, 2024, the company's closing price was 29.20 yuan, with a year-to-date high of 47.21 yuan and a low of 21.61 yuan [6] - The circulating A-share market capitalization is 70.98 billion yuan, while the total market capitalization is 116.80 billion yuan [6]
芯动联科：2024H1公司业绩延续向好态势，且在研项目已取得显著进展