NCE(SH:605111) Guolian Securities·2024-08-15 13:03Investment Rating - The investment rating for the company is "Buy" [4] Core Insights - The company reported a revenue of 873 million yuan for the first half of 2024, representing a year-on-year growth of 15.16%. The net profit attributable to shareholders reached 218 million yuan, with a year-on-year increase of 47.45% [2][6] - The company's MOSFET business shows a clear recovery trend, with significant year-on-year growth in various products, particularly SGT-MOSFET, which achieved a revenue of 360 million yuan, up 40.29% year-on-year [7] - The company is expanding its presence in the automotive electronics sector and has begun mass sales of AI server products to leading clients, with expectations for further growth in this area [7] Financial Performance - For Q2 2024, the company achieved a revenue of 502 million yuan, with a quarter-on-quarter growth of 35.01% and a year-on-year growth of 30.40%. The net profit for the same period was 118 million yuan, reflecting a quarter-on-quarter increase of 17.50% and a year-on-year increase of 42.25% [6] - The gross margin and net margin for Q2 2024 were 36.53% and 23.34%, respectively, with year-on-year changes of 6.85 and 2.15 percentage points [6] Future Projections - The company is expected to see revenues of 1.845 billion yuan, 2.289 billion yuan, and 2.796 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 24.97%, 24.03%, and 22.17% [8] - The net profit attributable to shareholders is projected to be 457 million yuan, 564 million yuan, and 696 million yuan for the same years, with growth rates of 41.36%, 23.49%, and 23.43% [8] Valuation Metrics - The earnings per share (EPS) are forecasted to be 1.10 yuan, 1.36 yuan, and 1.68 yuan for 2024, 2025, and 2026, with corresponding price-to-earnings (P/E) ratios of 29, 23, and 19 [9] - The company’s price-to-book (P/B) ratio is expected to decrease from 3.3 in 2024 to 2.6 in 2026 [9]