3PEAK(SH:688536) KAIYUAN SECURITIES·2024-08-20 09:37Investment Rating - The investment rating for the company is "Buy" (maintained) [3][4]. Core Views - The company has shown a significant recovery in performance in Q2 2024, with a revenue of 3.07 billion yuan, representing a year-on-year increase of 0.63% and a quarter-on-quarter increase of 53.33% [3][4]. - The company continues to innovate and expand its product matrix, launching new products in signal chain chips and power management chips, which contributed to the revenue growth [4][5]. - The long-term development of the company is viewed positively, with profit forecasts for 2024-2026 expected to be 0.99 billion yuan, 2.85 billion yuan, and 4.33 billion yuan respectively [3][4]. Financial Performance Summary - In H1 2024, the company achieved a revenue of 5.07 billion yuan, down 17.21% year-on-year, with a net profit attributable to shareholders of -0.66 billion yuan [3][4]. - The gross profit margin for Q2 2024 was 48.28%, showing a quarter-on-quarter increase of 0.65 percentage points [3][4]. - The company’s R&D expenses in H1 2024 were 2.58 billion yuan, accounting for 50.96% of the revenue, indicating a strong commitment to innovation [5]. Product Line Performance - The signal chain chip segment generated revenue of 2.44 billion yuan in Q2 2024, with a gross margin of 49.83% [4]. - The power management chip segment saw a revenue increase of 138.23% quarter-on-quarter, reaching 0.62 billion yuan, with a gross margin of 42.27% [4]. Future Outlook - The company is advancing new production capacities and acquisition projects, which are expected to enhance future growth prospects [5]. - The company is also in the process of acquiring shares in Shenzhen Chuangxin Microelectronics Co., Ltd., which will support its strategic expansion [5].