Dioo Microcircuits (SH:688381) Guoxin Securities·2024-08-18 13:40Investment Rating - The investment rating for the company is "Outperform the Market" [3][13]. Core Views - The company achieved a revenue of 266 million yuan in the first half of 2024, representing a year-on-year growth of 47.28%. However, the net profit attributable to the parent company decreased by 7.61% to 27 million yuan due to increased R&D expenses [1]. - The company has successfully launched multiple new products to leading domestic and international clients, enhancing its market share. Notable achievements include product shipments to Samsung and certifications from Qualcomm and Sony [1]. - The company is focusing on expanding its product categories in signal chain and power management chips, introducing high-performance products to meet market and technological trends [1]. Financial Summary - Revenue for 2024 is projected to be 563 million yuan, with a year-on-year increase of 47.6%. The net profit is expected to rise significantly to 77 million yuan, reflecting a growth of 402.5% [2]. - The company's gross margin is forecasted to be 46% in 2024, with an EBIT margin of 0.1% [11]. - The price-to-earnings (P/E) ratio is projected to be 60.7 for 2024, decreasing to 28.7 by 2026 [2][11].