帝奥微：新品步入收获期，业绩逐步兑现

Investment Rating - The report maintains a "Buy" rating for the company 帝奥微 (688381) [2] Core Views - The company has entered a harvest period with new products starting to ship in volume, leading to a revenue increase of 47.28% year-on-year for the first half of 2024, achieving revenue of 266 million yuan [3] - Despite a decrease in net profit by 7.61% year-on-year to 27 million yuan, the gross margin stands at 45.82%, slightly down by 3.46% year-on-year [3] - The company has significantly increased its R&D investment by 55.41% year-on-year to 80 million yuan, which is expected to support long-term technological innovation and client acquisition [3] Company Overview - The latest closing price is 16.41 yuan, with a total share capital of 252 million shares and a circulating share capital of 186 million shares [3] - The company has a total market capitalization of 4.1 billion yuan and a circulating market capitalization of 3.1 billion yuan [1] - The debt-to-asset ratio is low at 2.9%, indicating a strong financial position [1] Financial Performance - For the second quarter of 2024, the company reported a revenue of 138 million yuan, a quarter-on-quarter increase of 7.24%, with a net profit of 10.71 million yuan, down 33.34% quarter-on-quarter [3] - The company expects to achieve net profits of 70 million, 110 million, and 150 million yuan for the years 2024, 2025, and 2026 respectively [3] - The projected revenue for 2024 is 582 million yuan, reflecting a growth rate of 52.52% [5] Product Development - The company continues to diversify its product offerings, focusing on high-performance products in signal chain and power management sectors [3] - New products include ultra-small packaging operational amplifiers and automotive-grade components, contributing to significant revenue from both signal chain and power management segments [3] - The company has successfully entered supply agreements with major clients such as Samsung and Qualcomm, enhancing its market position [3]