CRM(688396) 国海证券·2024-09-01 06:31Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in Q2 2024 shows significant improvement in revenue and net profit compared to the previous quarter, with a revenue increase of 25% and a net profit increase of 644% [2][3] - The company is experiencing a recovery in capacity utilization, reaching full capacity, and product prices are stabilizing due to a decrease in industry inventory and a rebound in downstream demand [3] - The company is focusing on R&D, with R&D investment reaching 574 million yuan in H1 2024, a year-on-year increase of 4.89%, which supports the development of new technologies and products [3] Summary by Sections Financial Performance - In H1 2024, the company achieved operating revenue of 4.76 billion yuan, a year-on-year decrease of 5.36%, while Q2 revenue was 2.64 billion yuan, down 1.45% year-on-year but up 24.98% quarter-on-quarter [2] - The gross margin for H1 2024 was 26.40%, a decrease of 7.90 percentage points year-on-year, with Q2 gross margin at 26.34%, down 7.51 percentage points year-on-year and down 0.14 percentage points quarter-on-quarter [2] - The net profit attributable to shareholders for H1 2024 was 280 million yuan, down 63.96% year-on-year, with Q2 net profit at 247 million yuan, down 37.83% year-on-year but up 644.48% quarter-on-quarter [2] Market Position and Product Development - The automotive business is increasingly significant, with revenue from automotive electronics rising to 22% of the product and solution business, and successful integration of products into major automotive manufacturers [3] - The company is making strides in the power semiconductor market, with significant growth in IGBT and SiC product lines, and has achieved batch supply of automotive-grade products to major Tier 1 manufacturers [5][6] Future Outlook - The company is projected to achieve operating revenues of 10.52 billion yuan, 11.62 billion yuan, and 12.70 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 1.02 billion yuan, 1.38 billion yuan, and 1.76 billion yuan for the same years [7][8] - The expected EPS for 2024, 2025, and 2026 is 0.77 yuan, 1.04 yuan, and 1.33 yuan respectively, with corresponding P/E ratios of 45X, 33X, and 26X [7][8]