新洁能：毛利率环比持续提升，持续发力AI等新兴应用

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a revenue of 873 million yuan for the first half of 2024, representing a year-on-year growth of 15.2%. The gross margin increased to 35.78%, up by 5.2% year-on-year. The net profit attributable to shareholders reached 218 million yuan, a 47.5% increase year-on-year, while the net profit excluding non-recurring items was 214 million yuan, growing by 55.2% year-on-year [2] - In Q2 2024, the company achieved a revenue of 502 million yuan, a quarter-on-quarter increase of 35%. The gross margin for Q2 was 36.53%, up by 1.8% from the previous quarter, with a net profit of 118 million yuan, reflecting a 17.5% quarter-on-quarter growth [2] - The company is focusing on optimizing its product, market, and customer structures, which is expected to further enhance its gross margin. The reduction of high-cost inventory and the expansion into emerging application fields are key drivers for this improvement [2] - Sales of medium and low-voltage MOS products have significantly increased, while the demand for photovoltaic IGBT is gradually recovering. The company’s SGT-MOS products saw a revenue of 360 million yuan in H1 2024, a year-on-year increase of 40.29%, with sales proportion rising from 33.95% to 41.44% [2] - The company forecasts net profits attributable to shareholders of 460 million yuan, 588 million yuan, and 703 million yuan for 2024, 2025, and 2026 respectively [3][5] Financial Summary - For 2023, the company reported a revenue of 1.477 billion yuan, with a projected growth rate of -18.46%. The expected revenue for 2024 is 1.949 billion yuan, with a growth rate of 32.02% [3][5] - The EBITDA for 2024 is projected to be 497 million yuan, with a net profit attributable to shareholders of 464 million yuan, reflecting a growth rate of 43.6% [3][5] - The earnings per share (EPS) is expected to be 1.12 yuan in 2024, with a price-to-earnings (P/E) ratio of 27.62 [3][5]