Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [3][10]. Core Insights - The company reported a significant increase in revenue for the first half of 2024, achieving 9.039 billion yuan, a year-on-year growth of 143.83%. The net profit attributable to the parent company reached 594 million yuan, up 199.64% year-on-year [1]. - The growth is attributed to several factors, including a recovery in the global semiconductor storage market, effective self-research strategies, successful mergers and acquisitions, and increased R&D investments [1]. - The enterprise storage business saw a remarkable increase, with revenue exceeding 2000% year-on-year, driven by the popularity of Lexar products and the introduction of new high-speed eSSD products [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]. - R&D expenses reached 475 million yuan in H1 2024, reflecting a year-on-year increase of 92.51% [1]. - The company’s total assets were reported at 10.215 billion yuan for 2024E, with a projected revenue of 15.005 billion yuan for the same year [5][6]. Market Position and Strategy - The company has successfully integrated its acquisitions, such as Zilia in Brazil, enhancing its global supply chain and market presence [2]. - The introduction of new memory products like LPCAMM 2 aims to enhance performance and energy efficiency, catering to the growing demand in consumer electronics [2]. - The company has established a strong patent portfolio with 560 patents, including 221 invention patents, which supports its competitive edge in the market [1]. Future Outlook - The report projects a continued upward trend in the semiconductor storage industry, with expected net profits of 1.052 billion yuan in 2024 and 1.152 billion yuan in 2025 [4][5]. - The company is well-positioned to capitalize on the recovery of the smartphone and personal computer storage markets, with a forecasted revenue growth rate of 48.20% for 2024 [4].
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