Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the next six months [1]. Core Insights - The company reported a significant revenue increase of 89.3% year-on-year, reaching 1.25 billion yuan in the first half of 2024, with a net profit of 210 million yuan, reflecting a 103.9% growth [1]. - The company has a strong product matrix and is focusing on high R&D investment to ensure long-term growth, with R&D expenses increasing by 46.5% to 180 million yuan [1]. - The company leads the market in charge pump products and is rapidly expanding its power adapter business, with notable growth in various consumer electronics sectors [1]. - The automotive electronics segment is also highlighted as a key area for future growth, with products already being adopted by major automotive manufacturers [1]. Financial Summary - Revenue projections for 2024-2026 are 2.46 billion yuan, 3.25 billion yuan, and 4.09 billion yuan, respectively, with net profits expected to be 400 million yuan, 600 million yuan, and 820 million yuan [2]. - The company’s gross margin for the first half of 2024 was 41.3%, with a net margin of 16.4%, showing slight improvements in net margin year-on-year [1]. - The operating cash flow for the first half of 2024 was 267 million yuan, a 61.9% increase compared to the previous year [1].
南芯科技：业绩实现高增，产品矩阵丰满