THEC(BJ:833509) KAIYUAN SECURITIES·2024-08-20 07:07Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown revenue and profit growth in H1 2024, with operating cash flow net amount increasing by 39% year-on-year [3] - The company is actively investing in semiconductor devices and the new energy sector, with significant growth in electric power electronic products [3][4] - The company has a strong focus on R&D, with a R&D expense ratio of 14% and continuous innovation in product development [4] Financial Performance - In H1 2024, the company achieved revenue of 86.11 million yuan (up 13%), and net profit attributable to the parent company reached 18.86 million yuan (up 15%) [3] - The gross profit margin improved to 56% compared to Q1 2024, and operating cash flow net amount was 33.77 million yuan (up 182%) [3] - The company expects net profits for 2024-2026 to be 50 million, 70 million, and 84 million yuan respectively, with corresponding EPS of 0.31, 0.43, and 0.52 yuan per share [3] Market and Industry Trends - The electronic information manufacturing industry in China saw a value-added growth of 13.3% year-on-year in H1 2024, contributing to a 36% revenue growth in the South China region for the company [3] - Global smartphone shipments increased by 12% year-on-year in Q2 2024, indicating a recovery in the consumer electronics sector [3] - The company is well-positioned in the automotive chip market, particularly in the third-generation power semiconductor field, with products that fill domestic gaps in various sectors [3][4] R&D and Innovation - The company invested 11.84 million yuan in R&D in H1 2024, a 9% increase year-on-year, and holds 63 software copyrights and 83 authorized patents [4] - The TH2851 series precision impedance analyzers are noted for their international leading testing specifications, and the company is collaborating with Southeast University on advanced power chip testing technologies [4]