Hygon Information Technology (688041) Minsheng Securities·2024-08-21 13:13Investment Rating - The report maintains a "Recommended" rating for the company [2] Core Views - The company achieved a revenue of 3.763 billion yuan in the first half of 2024, representing a year-on-year growth of 44.08%, and a net profit attributable to shareholders of 853 million yuan, up 25.97% year-on-year [1] - The company focuses on the general computing market, continuously enhancing its competitive advantages through high-performance, reliable, and low-power products, leading to steady revenue and profit growth [1] - The company emphasizes iterative upgrades in its product lines, particularly in high-end processors, which are gaining recognition across various industries [1] - The company collaborates with major domestic server manufacturers to expand its market reach and enhance its product offerings [1] - The projected net profits for 2024, 2025, and 2026 are estimated at 1.652 billion yuan, 2.167 billion yuan, and 2.882 billion yuan, respectively, with growth rates of 30.8%, 31.2%, and 33.0% [2] Financial Summary - In the first half of 2024, the company reported a revenue of 3.763 billion yuan, with a quarterly revenue of 2.171 billion yuan in Q2 2024, marking a 49.62% year-on-year increase [1] - The projected revenue for 2024 is 8.205 billion yuan, with a growth rate of 36.5% [2] - The company’s net profit for 2024 is projected to be 1.652 billion yuan, reflecting a growth rate of 30.8% [2] - The price-to-earnings (PE) ratio is expected to decrease from 142 in 2023 to 108 in 2024, and further to 62 by 2026 [2]