南芯科技：消费电子淡季不淡，电源管理链路和汽车电子持续发力

Investment Rating - The report maintains an "Accumulate" rating for the company [3] Core Views - The company reported a strong performance in the first half of 2024, achieving revenue of 1.25 billion yuan, a year-on-year increase of 89.28%, and a net profit attributable to shareholders of 205 million yuan, up 103.86% year-on-year [4] - The consumer electronics sector remains robust, with the company expanding its product offerings in power management and battery management systems [4] - The automotive electronics segment is showing rapid growth, with products entering several well-known automotive Tier 1 and OEM manufacturers [4] - The gross margin for Q2 2024 was 40.11%, a decrease of 2.46 percentage points from the previous quarter, but the company expects to maintain a gross margin around 40% in the long term [4] - The company has increased its R&D investment, with R&D expenses rising by 46.47% year-on-year in the first half of 2024 [4] Financial Summary - Revenue projections for 2024, 2025, and 2026 are 2.476 billion, 3.152 billion, and 4.085 billion yuan, respectively, with year-on-year growth rates of 39.1%, 27.3%, and 29.6% [3][5] - Net profit attributable to shareholders is projected to be 384 million, 521 million, and 685 million yuan for the same years, with growth rates of 46.8%, 35.8%, and 31.5% [3][5] - The company’s gross margin is expected to stabilize around 40% in the long term, despite short-term pressures [4][5] - The return on equity (ROE) is projected to increase from 9.8% in 2024 to 14.2% in 2026 [5]