Amlogic(688099) 华创证券·2024-08-18 16:37Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [4][14]. Core Views - The company achieved a record high revenue of 16.38 billion yuan in Q2 2024, with a year-on-year growth of 24.53% and a quarter-on-quarter growth of 18.82%. The net profit attributable to the parent company reached 2.35 billion yuan, marking a year-on-year increase of 52.07% and a quarter-on-quarter increase of 83.94% [1][2]. - The company is experiencing a positive trend in performance for H2 2024, driven by an increase in R&D personnel and a rise in R&D expenses, which amounted to 674 million yuan in H1 2024, up 0.66 billion yuan from the previous year [2]. - The product structure is continuously optimized, with significant growth in new product sales, particularly the T series and W series products, which have seen sales increases of approximately 70% and rapid market acceptance, respectively [2][3]. Financial Summary - For H1 2024, the company reported total revenue of 30.16 billion yuan, a year-on-year increase of 28.33%, and a net profit of 3.62 billion yuan, up 96.06% year-on-year. The net profit after deducting non-recurring items was 3.40 billion yuan, reflecting a year-on-year growth of 115.19% [1][2]. - The financial forecast for 2024-2026 has been revised upwards, with expected net profits of 816 million yuan, 1.068 billion yuan, and 1.408 billion yuan for 2024, 2025, and 2026, respectively [2][3]. - The company’s total revenue is projected to reach 67.83 billion yuan in 2024, with a year-on-year growth rate of 26.3% [3].