BROADEX(300548) 国联证券·2024-08-18 05:30Investment Rating - The investment rating for the company is not explicitly stated in the report, but it suggests to "maintain attention" due to improving performance and ongoing product upgrades [2][6][7]. Core Insights - The company reported a net profit attributable to shareholders of 13.775 million yuan for the first half of 2024, a year-on-year decline of 91.14%. However, the second quarter showed a significant quarter-on-quarter increase of 49,363.21% [2][6]. - The company's revenue for the first half of 2024 reached 384 million yuan, representing a year-on-year growth of 52.70%, with a revenue contribution of 51.03% from data communication, consumer, and industrial interconnection markets [2][6][7]. - Continuous optimization of PON products and expansion of product lines, including 800G multimode optical modules and silicon optical modules, are highlighted as key developments [2][6][7]. Summary by Sections Financial Performance - For the first half of 2024, the company achieved a revenue of 752 million yuan, down 20.50% year-on-year, while the net profit was 13.775 million yuan, down 91.14% year-on-year. The second quarter saw a revenue of 439 million yuan, a slight increase of 0.36% year-on-year and a 40.40% quarter-on-quarter growth [6][7]. - The gross profit margin for the first half of 2024 was 21.84%, an increase of 8.16 percentage points year-on-year, with the second quarter gross profit margin reaching 24.64%, up 11.83 percentage points year-on-year [6][7]. Market and Product Development - The company experienced significant growth in data communication, consumer, and industrial interconnection markets, with a revenue increase of 52.70% year-on-year in these segments [2][6][7]. - The company maintains high R&D investment, with R&D expenses of 55.06 million yuan in the first half of 2024, representing a 7.32% R&D expense ratio, up 1.92 percentage points year-on-year [7]. Future Projections - Revenue projections for 2024 to 2026 are estimated at 2.094 billion yuan, 2.585 billion yuan, and 3.196 billion yuan, with year-on-year growth rates of 25.01%, 23.44%, and 23.62% respectively. Net profit projections for the same period are 163 million yuan, 189 million yuan, and 223 million yuan, with growth rates of 100.25%, 15.86%, and 18.17% respectively [7][8].