Novosense(688052) 华创证券·2024-08-24 11:37Investment Rating - Strong Buy (Maintained) with a target price of 147.3 RMB, compared to the current price of 95.00 RMB [1] Core Views - 24Q2 revenue reached a new high, with significant growth in new products, indicating strong future potential [1] - The company's revenue in 24Q2 increased by 92.50% YoY and 34.18% QoQ, reaching 486 million RMB [1] - Gross margin in 24Q2 improved by 3.33pct QoQ to 35.33%, despite a YoY decline of 2.90pct [1] - The company is a leading domestic automotive isolation chip manufacturer, with rapid market share growth driven by product optimization and expansion [1] - High R&D investment (37.61% of revenue in 2024H1) supports the development of new products, enhancing long-term growth potential [1] Financial Performance - 2024H1 revenue was 849 million RMB, up 17.30% YoY, with a gross margin of 33.90%, down 8.93pct YoY [1] - Net profit attributable to the parent company in 2024H1 was -265 million RMB, with a net loss of -286 million RMB after deducting non-recurring gains and losses [1] - 24Q2 revenue was 486 million RMB, with a net loss of -115 million RMB attributable to the parent company [1] - The company's revenue is expected to grow to 1,908 million RMB in 2024E, 2,519 million RMB in 2025E, and 3,103 million RMB in 2026E [2] - Net profit is forecasted to improve from -146 million RMB in 2024E to 261 million RMB in 2026E [2] Product and Market Analysis - Automotive electronics accounted for 33.51% of revenue in 2024H1, up 7.23pct YoY, while consumer electronics accounted for 13.74%, up 3.7pct YoY [1] - The company has successfully launched new products such as isolated comparators, integrated LVDS interface ADCs, and capacitive isolated solid-state relays, gaining recognition from automotive and industrial clients [1] - The company is expanding its product portfolio in magnetic sensors, signal chains, and power management, with several new products already in mass production or undergoing testing [1] Valuation and Forecast - The company's 2024-2026 revenue forecasts have been revised upward to 1,908 million RMB, 2,519 million RMB, and 3,103 million RMB, respectively [1] - The 2024-2026 net profit forecasts have been adjusted to -146 million RMB, 85 million RMB, and 261 million RMB, respectively [1] - The target price of 147.3 RMB is based on an 11x PS valuation for 2024 [1] Industry and Competitive Position - The domestic isolation and isolation+ chip market is expanding, with the company well-positioned to benefit from import substitution [1] - The company's continuous investment in isolation technology and product innovation strengthens its competitive edge in the automotive and industrial sectors [1]