NCE(605111) 方正证券·2024-08-12 23:59Investment Rating - The report maintains a "Strong Buy" rating for the company, predicting a relative increase of over 20% compared to the benchmark index in the next 12 months [6]. Core Insights - The company has shown significant revenue and profit growth in Q2 2024, with a revenue of 5.0 billion yuan, a year-on-year increase of 30.4%, and a net profit of 1.2 billion yuan, up 42.3% year-on-year [1][2]. - The gross margin has improved to 36.5% in Q2 2024, reflecting a 6.9 percentage points increase year-on-year [1]. - The demand from downstream markets is gradually recovering, leading to accelerated inventory digestion and some products experiencing supply shortages [1]. - The company is actively responding to customer needs by introducing mid-to-high-end products in emerging application scenarios such as new energy vehicles, energy storage, and data centers, which is expected to further optimize the product structure [1][2]. Financial Performance - For the first half of 2024, the company achieved a revenue of 870 million yuan, a year-on-year increase of 15.2%, and a net profit of 220 million yuan, up 47.5% year-on-year [1]. - The revenue forecast for the company is projected to be 19.2 billion yuan in 2024, 24.0 billion yuan in 2025, and 30.3 billion yuan in 2026, with year-on-year growth rates of 30.03%, 25.00%, and 26.29% respectively [2][3]. - The net profit is expected to reach 4.5 billion yuan in 2024, 5.4 billion yuan in 2025, and 7.0 billion yuan in 2026, with year-on-year growth rates of 39.22%, 19.66%, and 30.05% respectively [2][3]. Product and Market Dynamics - The SGT-MOSFET product line is experiencing high demand, with revenue growth of 40.3% year-on-year, accounting for 41.4% of total revenue [1]. - The company has made significant progress in automotive electronics, with a partnership with BYD expected to enhance product supply by over 50% in the first half of 2024 [1]. - The AI computing server applications are also seeing substantial growth, with multiple products from the SGT series being utilized, indicating a strong sales outlook for the second half of the year [1].