联创电子：Q2归母净利润转正，关注盈利修复

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 7.66 [1][4][7]. Core Insights - The company achieved a turnaround in net profit for Q2 2024, marking its first profit in six quarters, with a net profit of RMB 0.04 billion [2][3]. - The optical business revenue grew significantly by 90% year-on-year in the first half of 2024, driven by strong demand for automotive lenses and modules [1][2]. - Despite the revenue growth, the optical business faced competitive pressure, leading to a decline in gross margin by 8.9 percentage points to 16.1% [1][2]. - The report anticipates a recovery in profitability and revenue growth in the coming years, projecting revenues of RMB 105.5 billion, RMB 113.8 billion, and RMB 122.6 billion for 2024, 2025, and 2026 respectively [1][3]. Summary by Sections Financial Performance - In the first half of 2024, the company reported total revenue of RMB 49.4 billion, a year-on-year increase of 17.52%, and a narrowed net loss of RMB 0.65 billion compared to a loss of RMB 2.79 billion in the same period last year [1][2]. - The gross margin for the overall business reached 10.2% in Q2 2024, reflecting a year-on-year improvement [2]. Business Segments - The optical business's revenue surged by 90.07% year-on-year in the first half of 2024, while the touch display business continued to contract [2][3]. - The automotive optical segment is expected to benefit from increasing demand for advanced driving assistance systems, with the company ranking second in the industry for automotive camera lens shipments [3][4]. Future Outlook - The report projects that the company's optical revenue will reach RMB 42.3 billion, RMB 52.6 billion, and RMB 62.6 billion for 2024, 2025, and 2026 respectively, with a gradual recovery in gross margins anticipated [4][8]. - The touch display business is expected to see reduced impairment pressures following significant write-downs in 2023 [3][4].