艾为电子：消费电子淡季不淡，盈利能力明显修复

Investment Rating - The investment rating for the company is "Add" [1][5]. Core Insights - The company reported a significant revenue increase of 56.77% year-over-year, achieving 1.581 billion yuan in the first half of 2024, and turned a profit with a net profit of 91 million yuan [2][5]. - The company continues to expand its high-performance mixed-signal chips, with notable growth in audio solutions for laptops and automotive applications, and has a strong product lineup in power management and signal chain products [2][3]. - The gross margin improved to 28.09% in the first half of 2024, with a sequential increase observed over three consecutive quarters, indicating effective cost control and product innovation [3][4]. Financial Performance - The company forecasts revenues of 3.169 billion, 3.913 billion, and 4.819 billion yuan for 2024, 2025, and 2026, respectively, with year-over-year growth rates of 25.2%, 23.5%, and 23.2% [5][6]. - The projected net profits for the same years are 186 million, 373 million, and 593 million yuan, reflecting substantial growth rates of 265.5%, 99.8%, and 59.3% [5][6]. - The gross margin is expected to improve to 29.0% in 2024, 31.4% in 2025, and 33.1% in 2026, indicating a positive trend in profitability [5][6].