Silan(SH:600460) KAIYUAN SECURITIES·2024-08-20 09:30Investment Rating - The investment rating for the company is "Buy" (maintained) [2][6] Core Views - The company reported a revenue increase in Q2 2024, with a year-over-year growth of 16.57% and a quarter-over-quarter growth of 13.95% [6] - The overall performance is expected to improve due to steady recovery in downstream demand, despite short-term losses [6][7] Financial Performance Summary - In H1 2024, the company achieved a revenue of 5.274 billion yuan, representing a year-over-year increase of 17.83% [6] - The net profit attributable to the parent company was a loss of 25 million yuan, but this was an improvement of 39.53% year-over-year [6] - The company’s Q2 2024 revenue was 2.809 billion yuan, with a year-over-year increase of 16.57% and a quarter-over-quarter increase of 13.95% [6] Business Segment Performance - Integrated Circuit Business: Revenue of 2.035 billion yuan in H1 2024, accounting for 39% of total revenue, with a year-over-year growth of 29% [7] - Discrete Device Business: Revenue of 2.399 billion yuan in H1 2024, accounting for 45% of total revenue, with a year-over-year growth of 4% [7] - LED Business: Revenue of 417 million yuan in H1 2024, accounting for 8% of total revenue, with a year-over-year growth of 33% [7] Financial Forecast - The forecast for net profit attributable to the parent company has been adjusted to 206 million yuan for 2024, 443 million yuan for 2025, and 891 million yuan for 2026 [6][8] - The projected revenue for 2024 is 11.028 billion yuan, with a year-over-year growth of 18.1% [8]