Novosense(688052) 民生证券·2024-08-24 06:00Investment Rating - The report maintains a "Recommend" rating for the company, indicating a positive outlook with expected relative index gains of over 15% [1][2] Core Views - The company achieved a record-high quarterly revenue in Q2 2024, with revenue reaching 486 million yuan, a YoY increase of 92.5% and a QoQ increase of 34.18% [1] - Gross margin improved to 35.33% in Q2 2024, up 3.33 percentage points QoQ, marking the second consecutive quarter of improvement [1] - The automotive electronics segment contributed 33.51% of total revenue in H1 2024, with a YoY growth of approximately 50%, driven by new product launches and successful international client development, particularly in the European market [1] - The company is making significant progress in new product development, including magnetic sensors, signal chain products, and power management solutions, with several products already in mass production or undergoing client testing [1] - The report forecasts a turnaround in profitability, with expected net profits of -244 million yuan, 22 million yuan, and 266 million yuan for 2024, 2025, and 2026, respectively, reflecting a strong growth trajectory [1][2] Financial Performance Summary - Revenue for H1 2024 reached 849 million yuan, a YoY increase of 17.3%, with Q2 revenue hitting a historical high of 486 million yuan [1] - Net profit attributable to shareholders was -265 million yuan in H1 2024, with a Q2 net profit of -115 million yuan, showing a reduction in losses both YoY and QoQ [1] - The company's gross margin for H1 2024 was 33.9%, down 8.93 percentage points YoY, but improved to 35.33% in Q2 2024 [1] - The automotive electronics segment saw a revenue share increase to 33.51% in H1 2024, up 7.23 percentage points YoY, while the consumer electronics segment grew by over 60% YoY [1] Product Development and Market Expansion - The company has successfully launched new products in the automotive electronics sector, including magnetic sensors, signal chain products, and power management solutions, with several products already in mass production or undergoing client testing [1] - International client development, particularly in the European market, has progressed well, with large-scale mass production and shipments achieved [1] - The company is also expanding its presence in the industrial control and power module sectors, with signs of recovery in the energy storage segment observed in Q2 2024 [1] Financial Forecasts - Revenue is expected to grow to 1,835 million yuan in 2024, 2,426 million yuan in 2025, and 3,214 million yuan in 2026, with growth rates of 40.0%, 32.2%, and 32.5%, respectively [2][5] - Net profit is projected to improve significantly, with forecasts of -244 million yuan in 2024, 22 million yuan in 2025, and 266 million yuan in 2026, reflecting a strong recovery and growth trajectory [2][5] - The company's gross margin is expected to recover to 37.44% in 2024, 42.80% in 2025, and 45.18% in 2026, driven by improved product mix and operational efficiency [5]