Investment Rating - The report maintains a "Recommended" rating for the company, considering its technological advantages and future industry development potential [1][3]. Core Insights - The company reported a revenue of 701 million yuan for the first half of 2024, representing a year-over-year growth of 42.7%. The net profit attributable to shareholders was 208 million yuan, with a year-over-year increase of 6.8% [1]. - The company focuses on customized millimeter-wave micro-systems, particularly in the precision guidance business, which has shown rapid growth. The main products are critical components for radar, detection, and communication applications [1][2]. - The company has adjusted its profit forecasts for 2024-2026, expecting net profits of 341 million yuan, 374 million yuan, and 395 million yuan respectively [2][4]. Financial Performance Summary - For 1H24, the company achieved a gross margin of 40.8%, down 12.9 percentage points year-over-year, and a net margin of 29.7%, down 10.0 percentage points year-over-year [1]. - The second quarter of 2024 saw a revenue of 339 million yuan, a year-over-year increase of 38.1%, with a net profit of 110 million yuan, reflecting a 4.0% increase year-over-year [1]. - The company’s operating cash flow for 1H24 was -136 million yuan, compared to 486 million yuan in 1H23, indicating challenges in cash collection [1][4]. Revenue and Profit Forecasts - The projected revenues for the company are 1,138 million yuan in 2024, 1,307 million yuan in 2025, and 1,450 million yuan in 2026, with growth rates of 28.4%, 14.9%, and 10.9% respectively [2][4]. - The expected earnings per share are 1.95 yuan for 2024, 2.14 yuan for 2025, and 2.26 yuan for 2026, with corresponding price-to-earnings ratios of 22x, 20x, and 19x [2][4]. Product and Market Insights - The precision guidance segment generated significant revenue growth, while the array antenna segment saw a decline in revenue by 74.88% year-over-year [1]. - The company is well-positioned in the millimeter-wave technology sector, which is expected to expand into various applications such as satellite communication and drone technology [1].
雷电微力：2024年半年报点评：深耕毫米波微系统；1H24营收同比增长43%