Investment Rating - The report maintains a "Buy" rating for the company, with an expected profit increase for the next six months [3][10]. Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2024, with revenue reaching 9.039 billion yuan, a year-on-year growth of 143.83%, and net profit attributable to the parent company at 594 million yuan, up 199.64% [1]. - The growth is attributed to several factors, including a recovery in the semiconductor storage market, successful self-research strategies, effective mergers and acquisitions, and increased R&D investment [1]. - The company has successfully integrated its acquisitions in Brazil, contributing positively to its global supply chain and revenue [1]. - The enterprise storage business saw a remarkable increase, with revenue exceeding 2000% year-on-year, driven by the popularity of its Lexar brand and innovative product offerings [1][2]. Financial Performance Summary - The company achieved a revenue of 9.039 billion yuan in H1 2024, with a net profit of 594 million yuan, marking a significant increase from the previous year [1]. - The report forecasts a continued upward trend in revenue, projecting 15.005 billion yuan for 2024 and 19.012 billion yuan for 2025, with respective growth rates of 48.20% and 26.70% [4]. - The EBITDA for 2024 is estimated at 1.480 billion yuan, indicating a strong recovery from previous losses [4]. Product and Market Development - The company has launched new memory products, such as LPCAMM 2, enhancing performance and energy efficiency for consumer storage applications [2]. - The automotive-grade products have successfully passed mass production validation, establishing a solid foundation in the automotive smart storage sector [2]. - The Lexar brand has seen a 70.55% increase in sales revenue in H1 2024, reaching 1.63 billion yuan, with significant market presence in various countries [1][2]. Research and Development - The company has increased its R&D investment, with expenses reaching 475 million yuan in H1 2024, a year-on-year growth of 92.51% [1]. - The company holds a leading position in patent technology, with a total of 560 patents, including 221 invention patents [1].
江波龙：24H1业绩高增，自研芯片热卖、AI催化企业级产品，第二增长曲线已现