帝奥微：2024年半年报点评：营收表现亮眼，新品导入有序进行

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 19.20 CNY over the next six months [1]. Core Views - The company has shown impressive revenue growth, with a 47.3% year-on-year increase in revenue for the first half of 2024, reaching 270 million CNY, although net profit decreased by 7.6% to 30 million CNY [1][12]. - The company is focusing on expanding its product matrix and enhancing its market share, particularly in the automotive sector, with significant investments in research and development [1][8]. - The company has established stable partnerships with major clients such as OPPO, Xiaomi, and BYD, which is expected to drive future growth [1][8]. Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of 270 million CNY, a 47.3% increase year-on-year, while net profit was 30 million CNY, down 7.6% [1][12]. - The revenue breakdown shows that signal chain products generated 140 million CNY (52.8% of total revenue) with a 59.1% increase, while power management products contributed 130 million CNY (47.2% of total revenue) with a 35.5% increase [10][12]. - The gross margin for H1 2024 was 45.8%, down 3.5 percentage points year-on-year, and the net margin was 10.1%, down 6.0 percentage points [1][12]. Product Development - The company has launched several new products in both signal chain and power management categories, including automotive-grade controllers and high-performance operational amplifiers [1][7]. - The establishment of the automotive chip research institute is expected to enhance the company's capabilities in automotive electronics [1][8]. Market Position and Strategy - The company has successfully introduced multiple new products to clients, increasing its market share in various sectors, including consumer electronics and automotive [1][8]. - The company maintains long-term relationships with key clients, which is anticipated to contribute to steady revenue growth [1][8]. Future Projections - Revenue projections for 2024-2026 are estimated at 560 million CNY, 730 million CNY, and 870 million CNY, respectively, with net profits expected to reach 70 million CNY, 120 million CNY, and 170 million CNY [17]. - The report anticipates a recovery in consumer electronics demand and growth in automotive products, leading to a target price of 19.20 CNY based on a 40x PE ratio for 2025 [1][17].