Silan(SH:600460) Huaxin Securities·2024-08-20 12:13Investment Rating - The report maintains a "Buy" rating for the company [2][4] Core Views - The company achieved a revenue of 5.274 billion RMB in the first half of 2024, representing a year-on-year growth of 17.83% [2] - The net profit attributable to shareholders was a loss of 25 million RMB, which is a reduction in loss by 16 million RMB year-on-year [2] - The decline in net profit is primarily due to the decrease in fair value of non-current financial assets held by the company [2] - The revenue from IPM modules reached 1.413 billion RMB, showing a year-on-year increase of approximately 50% [2] - The company is expanding its production capacity for SiC power devices, with expected monthly production capacity to reach 12,000 pieces by the end of 2024 [3][4] Summary by Sections Financial Performance - The company reported a revenue of 5.274 billion RMB for the first half of 2024, with a year-on-year growth of 17.83% [2] - The net profit attributable to shareholders was a loss of 25 million RMB, a decrease in loss by 16 million RMB year-on-year [2] - The net profit excluding non-recurring items was 126 million RMB, down 22.39% year-on-year [2] Product Development - The company is focusing on promoting various products such as IGBT devices, IPM smart power modules, and SiC power modules in high-barrier markets [2] - The shipment volume of IPM modules has significantly increased, with over 83 million units used in domestic major home appliance manufacturers [2] - The SiC power device production line is ramping up, with current monthly production capacity at 6,000 pieces, expected to increase to 9,000 pieces by the end of Q3 2024 [3] Future Outlook - Revenue forecasts for 2024, 2025, and 2026 are projected to be 10.988 billion RMB, 12.840 billion RMB, and 14.336 billion RMB respectively [4] - The earnings per share (EPS) are expected to be 0.18 RMB, 0.35 RMB, and 0.51 RMB for the years 2024, 2025, and 2026 respectively [4] - The company anticipates that the growth in IPM module and SiC shipments will enhance future revenue and profit [4]