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中泰证券：【中泰研究丨晨会聚焦】电子王芳：AI全视角—科技大厂财报专题：华邦24Q2季报点评：业绩超预期，产能满载、展望乐观-20240820
ZHONGTAI SECURITIES·2024-08-20 02:07

Core Insights - The report highlights that the company's Q2 2024 earnings exceeded expectations, with revenue of NT$21.4 billion, slightly below the market expectation of NT$22 billion, but gross margin at 33% surpassed the expected 30% [2] - The company's operating profit reached NT$1.16 billion, and net profit was NT$1.7 billion, significantly higher than the market expectation of NT$338 million [2] - The storage and logic revenue contributed 60% and 38% respectively, with storage revenue at NT$12.9 billion and a gross margin of 30% [2] Revenue Breakdown - In Q2 2024, the revenue from storage was NT$12.9 billion, with a gross margin of 30%, while logic revenue was NT$8.228 billion with a gross margin of 34% [2] - The storage segment's revenue consisted of 58% from Flash and 42% from DRAM, with DRAM revenue increasing by 4% quarter-on-quarter, despite a shipment decline of 20%-25% [2] - Flash revenue saw a quarter-on-quarter increase of 24%, with shipments rising by 15%-20% and average selling price (ASP) increasing by 5% [2] Capacity and Production - The company operated at full capacity in Q2 2024, shipping 18,000 wafers, a year-on-year increase of 43% and a quarter-on-quarter increase of 1% [2] - The report indicates that the company is optimistic about the future, with expectations of a balanced supply and demand in the NOR segment and potential shortages in SLC NAND by 2025 [2] Market Outlook - The company anticipates a positive outlook for the PC market, expecting single-digit growth this year and over 10% growth next year, driven by demand for high-capacity NOR [2] - The report notes that the company's storage business has been recovering since Q1 2023 and is expected to return to the high levels seen in Q2 2022 [2] Industry Trends - The report discusses the rapid development of AI computing power in China, with a projected compound annual growth rate of 52.3% from 2021 to 2026 in the intelligent computing market [3] - It highlights the government's commitment to building intelligent computing centers, with a target of exceeding 300 EFlops by 2025 [3] - The report mentions significant investments from major telecom operators in building intelligent computing centers, with China Mobile's first batch of 12 centers already in operation [3]