AWINIC(SH:688798) Huajin Securities·2024-08-22 13:31Investment Rating - The investment rating for the company is maintained at "Add-A" [1][2]. Core Views - The company achieved record high revenue in Q2 2024, with a revenue of 8.06 billion yuan, representing a year-on-year growth of 29.07% and a quarter-on-quarter growth of 3.88% [1]. - The company turned a profit in H1 2024, with a net profit of 0.91 billion yuan, compared to a loss in the previous year [1]. - The growth in revenue is attributed to the recovery of the terminal market, product diversification, and management reforms [1][2]. Financial Performance - In H1 2024, the company reported a revenue of 15.81 billion yuan, a year-on-year increase of 56.77%, and a net profit of 0.91 billion yuan [1]. - The gross profit margin improved to 28.09%, an increase of 0.78 percentage points year-on-year [1]. - The company expects revenues of 30.70 billion yuan, 37.40 billion yuan, and 44.20 billion yuan for 2024, 2025, and 2026 respectively, with growth rates of 21.3%, 21.8%, and 16.3% [2][4]. Product Development - The company has diversified its product offerings, with 42 product categories and over 1300 product models as of H1 2024 [1]. - New product launches are expected to drive long-term growth, particularly in high-performance mixed-signal chips and automotive audio amplifiers [1][3]. - The company has successfully introduced several power management chips and signal chain chips, contributing to significant revenue growth [3]. Market Position - The company has established a strong market presence with major clients in various sectors, including automotive and consumer electronics [3]. - The company is recognized for its high reliability and performance in its product offerings, which has led to successful mass production with key Tier 1 clients [3].