Chipsea(688595) 国海证券·2024-08-24 08:00Investment Rating - Buy (Maintained) [1] Core Views - The company's revenue in H1 2024 reached RMB 350 million, a year-on-year increase of 121.89%, with a net loss attributable to the parent company of RMB 56.82 million, narrowing by RMB 13.29 million year-on-year [1] - In Q2 2024, the company achieved revenue of RMB 199 million, a year-on-year increase of 106.79%, with a net loss attributable to the parent company of RMB 21.39 million, narrowing by RMB 237,000 year-on-year [1] - Shipment volume in H1 2024 increased by 144% year-on-year, driven by strong demand recovery and the scaling up of new products [2] - The company's gross margin in H1 2024 improved by 3.93 percentage points year-on-year to 33.37%, with R&D investment increasing by 43.93% to RMB 129 million [2] - The company has made significant breakthroughs in product development and market expansion, particularly in BMS, PC, and traditional MCU products, with strategic customer share increasing significantly [2][5] Business Performance - BMS and PC: Single-cell BMS shipments in H1 2024 exceeded the total for 2023, and 2-5 cell BMS products achieved mass shipments. Revenue from EC, PD, and HUB series chips for computers and peripherals increased by approximately 136% year-on-year [2] - Traditional Products: With the recovery in consumer electronics demand and industry inventory bottoming out, sales of traditional MCU products, health measurement, and AIoT-related products have steadily rebounded [2] - Product Development: The company has launched new products in analog signal chains, MCUs, and health measurement AIoT, further solidifying its leading position in the full signal chain field [5] Market and Product Breakthroughs - Analog Signal: Achieved breakthroughs in haptic feedback, Hapticpad, and automotive pressure touch solutions with leading customers. PPG signal acquisition chips began mass production at benchmark clients [5] - MCU: PD chips achieved mass shipments in mobile phones, computer peripherals, energy storage, and power tools markets. The first-generation EC chip achieved mass production with leading computer clients, and the second-generation EC chip passed verification by a global computer leader [5] - Health Measurement AIoT: Strengthened its leading position in the HarmonyOS ecosystem, successfully introducing 245 HarmonyOS projects and completing 97 SKU product integrations [5] Financial Forecast - Revenue for 2024-2026 is projected to be RMB 725 million, RMB 1.054 billion, and RMB 1.428 billion, respectively, with net profit attributable to the parent company expected to be -RMB 46 million, RMB 22 million, and RMB 145 million [5] - The company's PS ratio for 2024-2026 is projected to be 4.74X, 3.26X, and 2.40X, respectively [5] Strategic Outlook - The company is expected to benefit from the development of the domestic smart hardware industry and the increasing demand for chip localization, with new products continuously iterating and achieving breakthroughs with clients [5]