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龙迅股份:单季收入延续创新高态势,上半年汽车电子收入增长翻番公司研究/公司快报

Investment Rating - The report maintains a "Buy-A" rating for the company, indicating an expected price increase of over 15% relative to the benchmark index [4]. Core Views - The company has shown significant growth in revenue and net profit, with a 65.61% year-on-year increase in revenue to 2.22 billion yuan and a 48.04% increase in net profit to 620 million yuan for the first half of 2024 [3][4]. - The company is actively expanding its product matrix, particularly in the automotive electronics sector, where revenue has doubled year-on-year [2][4]. - The company has a strong competitive position in the high-definition video bridging and processing chip market, with over 140 different chip models supporting various signal protocols [4]. Financial Performance - As of June 30, 2024, the basic earnings per share (EPS) is 0.61 yuan, and the diluted EPS is also 0.61 yuan [1]. - The net asset return rate (ROE) stands at 4.56% [1]. - The company's overall gross margin for the first half of 2024 is 54.66%, an increase of 1.42 percentage points year-on-year [2]. - The company achieved a significant increase in operating cash flow, which was reported at 51.91 million yuan, although this reflects a 99.03% decrease due to increased inventory purchases [2][7]. Revenue and Profit Forecast - The company is projected to achieve revenues of 4.77 billion yuan, 7.21 billion yuan, and 10.62 billion yuan for the years 2024, 2025, and 2026, respectively [4]. - Net profit forecasts for the same years are 1.43 billion yuan, 2.09 billion yuan, and 3.25 billion yuan [4]. - The expected EPS for 2024, 2025, and 2026 is 1.40 yuan, 2.04 yuan, and 3.18 yuan, respectively [4][8]. Market Performance - The company's market capitalization is reported at 24.99 billion yuan for circulating A shares and 45.72 billion yuan for total market capitalization [2]. - The company has seen a significant increase in both domestic and international revenue, with domestic revenue growing by 57.16% and international revenue by 78.01% in the first half of 2024 [2].