Shanghai Belling(600171) 申万宏源·2024-08-22 01:38Investment Rating - Maintain "Outperform" rating [1][7] Core Views - Shanghai Belling's H1 2024 profitability significantly improved, driven by new products in industrial control and automotive analog sectors [1] - Revenue in H1 2024 reached 1,111 million yuan, up 27.2% YoY, with net profit attributable to shareholders of 131 million yuan, turning from a loss to a profit [6] - Q2 2024 revenue grew 40% YoY and 51% QoQ, with stable gross margin of 29.2% and net margin of 14.1% [6] - The company focuses on analog and power ICs, with 8 product segments, primarily targeting industrial control and automotive electronics [6] - R&D investment continues, with nearly 500 new products launched in H1 2024, totaling over 4,000 products [6] - The company maintains a leading position in power-specific chips, with key products transitioning from 8-inch to 12-inch processes [6] Financial Summary - 2024E revenue forecast adjusted down to 2,480 million yuan from 4,300 million yuan, with net profit forecast adjusted to 267 million yuan from 860 million yuan [7] - 2025E and 2026E net profit forecasts are 301 million yuan and 317 million yuan, respectively [7] - 2024E EPS is 0.38 yuan, with 2025E and 2026E EPS at 0.42 yuan and 0.45 yuan, respectively [8] - 2024E ROE is expected to be 6.1%, increasing to 6.5% in 2025E and 2026E [8] - 2024E PE ratio is 56x, compared to 50x for 2025E and 47x for 2026E [8] Market Data - Closing price on August 21, 2024: 21.10 yuan [1] - Year-to-date high/low: 27.18 yuan / 9.86 yuan [1] - P/B ratio: 3.6x [1] - Dividend yield: 0.47% [1] - Market cap: 14,958 million yuan [1] Business Overview - Shanghai Belling specializes in analog and power ICs, with applications in industrial control, automotive electronics, and other sectors [6] - The company has 700 employees, with 480 (68.57%) in R&D [6] - Key product areas include power management, motor drivers, data converters, and power devices [6] - The company holds a leading market share in power-specific chips and high-precision ADCs in the power protection industry [6]