兆驰股份2024H1业绩点评：LED驱动盈利高增

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][2] Core Views - The company reported strong growth in LED driver profitability, with a significant increase in revenue and net profit for the first half of 2024 [1] - Revenue for Q2 2024 reached 54.1 billion yuan, a 34% year-on-year increase, while net profit attributable to shareholders was 4.96 billion yuan, up 41.3% [1] - The company expects continued growth in its multimedia and LED supply chain, driven by new production from its Vietnam factory and increased orders from major clients [1] Revenue Analysis - For H1 2024, total revenue was 95.2 billion yuan, a 23% increase year-on-year, with net profit attributable to shareholders at 9.1 billion yuan, up 24% [1] - The multimedia audio-visual business is expected to contribute significantly, with Q2 revenue growth projected at 52% [1] - The LED supply chain is anticipated to see a 21% year-on-year increase in Q2, with a shipment volume of approximately 320 million units [1] Profit Analysis - The LED supply chain contributed significantly to profits, with a gross margin increase of 0.1 percentage points year-on-year in Q2 2024 [1] - The net profit margin improved by 0.5 percentage points, supported by a reduction in comprehensive expense ratios [1] - The company expects the profit margin from LED products to offset the decline in TV gross margins [1] Earnings Forecast - The company updated its earnings forecast, projecting revenues of 214 billion, 252 billion, and 290 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 25%, 18%, and 15% [1][2]