SICC CO.(SH:688234) Guohai Securities·2024-08-23 14:00Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's revenue for the first half of 2024 reached 912 million yuan, representing a year-on-year growth of 108.27%, with Q2 revenue of 486 million yuan, up 98.49% year-on-year and 14.10% quarter-on-quarter [3] - The gross margin for H1 2024 was 23.01%, an increase of 11.71 percentage points year-on-year, while Q2 gross margin was 23.97%, up 13.28 percentage points year-on-year and 2.05 percentage points quarter-on-quarter [3] - The net profit attributable to shareholders for H1 2024 was 102 million yuan, marking a turnaround from loss to profit, with Q2 net profit of 56 million yuan, also a turnaround from loss and a 21.02% increase quarter-on-quarter [3] - The company has maintained revenue growth for nine consecutive quarters, with its Shanghai Lingang factory achieving an annual production capacity of 300,000 conductive substrates [4] - The company has established strong partnerships with leading domestic and international manufacturers, enhancing its production capacity and delivery capabilities [4] - The company has become one of the top three global players in the conductive silicon carbide substrate market, with significant recognition from major international clients [5] Summary by Sections Financial Performance - The company achieved a revenue of 912 million yuan in H1 2024, with a growth rate of 108.27% year-on-year [3] - The gross margin improved to 23.01% in H1 2024, reflecting operational efficiency [3] - The net profit for H1 2024 was 102 million yuan, indicating a successful turnaround [3] Market Position - The company has secured a leading position in the conductive silicon carbide substrate market, with over 50% of the top ten power semiconductor companies as clients [5] - The company has signed long-term cooperation agreements with major clients like Infineon and Bosch, enhancing its market presence [4] Production Capacity - The Shanghai Lingang factory has reached a production capacity of 300,000 conductive substrates annually, supporting the company's growth strategy [4] - The company is advancing its 8-inch silicon carbide substrate production plans, aiming for significant market penetration [5] Future Projections - Revenue forecasts for 2024-2026 are 2.356 billion yuan, 3.336 billion yuan, and 4.313 billion yuan respectively, with net profits projected at 234 million yuan, 355 million yuan, and 579 million yuan [6][7] - The company is expected to maintain a strong growth trajectory, leveraging its technological and production advantages [5]