Investment Rating - The investment rating for the company is "Accumulate" (首次覆盖) [1] Core Views - The demand recovery supports performance growth, and the core business profitability is improving. In the first half of 2024, the company achieved operating revenue of 1.183 billion yuan, a year-on-year increase of 19.92%, and a net profit attributable to shareholders of 130 million yuan, a year-on-year increase of 11.3% [1][2] Summary by Relevant Sections Financial Performance - In the first half of 2024, the company's revenue reached 1.183 billion yuan, up 19.92% year-on-year, while the net profit attributable to shareholders was 130 million yuan, reflecting an 11.3% increase year-on-year. The smart security segment generated revenue of 812 million yuan, a 10.92% increase, with a gross margin of 33.58%, up 1.19 percentage points year-on-year [1][2] - The video intercom business saw revenue of 246 million yuan, a significant year-on-year increase of 71.14%, with a gross margin of 45.99%, up 3.16 percentage points [1] Market Dynamics - The recovery in downstream demand has supported steady growth in performance, with the main consumer sectors gradually rebounding. The company's inventory decreased by approximately 62 million yuan compared to the end of 2023, indicating improved demand dynamics [1] Investment Projects - The company received net cash inflow of 617 million yuan from its initial public offering, with a net increase in cash and cash equivalents of 152 million yuan, representing increases of 387.7% and 164.13% year-on-year, respectively. Ongoing investment projects include the development of next-generation AI ultra-high-definition IPCSoC chips and AI processor IP, with progress rates of 53.33% and 40.25%, respectively, both expected to be operational by the end of 2027 [1][2] Profit Forecasts - The company is expected to maintain the revenue growth rate of 10.5% for the full year, with a gross margin of approximately 33.5%. The video intercom business is projected to continue its rapid growth, achieving a revenue increase of 75% for the year [1][2] - Forecasted net profits for 2024, 2025, and 2026 are 277 million yuan, 354 million yuan, and 445 million yuan, respectively, with corresponding P/E ratios of 49.3, 38.6, and 30.7 [2][3]
星宸科技：2024年半年报点评报告，需求复苏支撑业绩增长，核心业务盈利能力提升