聚灿光电：2Q24：单季度营收创历史新高

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 12.60 [2][5]. Core Insights - The company achieved a revenue of RMB 733 million in Q2 2024, representing a year-over-year increase of 11.81% and a quarter-over-quarter increase of 22.13%. The net profit attributable to shareholders was RMB 65 million, up 98.92% year-over-year and 35.07% quarter-over-quarter [2][3]. - The company's high-end products, including backlight, high luminous efficiency, and silver mirror inverted products, have seen strong sales, contributing to significant profit growth [2][4]. - The report forecasts revenues of RMB 28.32 billion, RMB 32.65 billion, and RMB 37.52 billion for the years 2024, 2025, and 2026 respectively, reflecting the company's leading position in the industry and the gradual realization of economies of scale [5][6]. Summary by Sections Financial Performance - In Q2 2024, the company reported a gross margin of 23.50%, an increase of 8.39 percentage points year-over-year. The net profit margin improved to 8.86%, up 3.88 percentage points year-over-year [3]. - The company's LED chip production capacity reached 11.69 million pieces in the first half of 2024, with a utilization rate of 96.47% [3]. Market Outlook - The report anticipates continued revenue growth in the second half of 2024, driven by demand in the lighting, backlight, and display sectors, as the LED market gradually returns to a growth trajectory [4]. - The company is expected to enhance its product matrix with the implementation of new projects, including the production of Mini/Micro LED chips and high-end products for automotive lighting and direct display [4]. Valuation Metrics - The report provides a comparison with peer companies, suggesting a price-to-sales (P/S) ratio of 3 times for the company, reflecting its industry leadership and capacity expansion [5][6].