MACMIC(SH:688711) Guoxin Securities·2024-09-01 07:40Investment Rating - The investment rating for the company is "Neutral" [1][6]. Core Views - The company's revenue in Q2 2024 increased by 58% quarter-on-quarter, indicating gradual improvement in operational conditions [1]. - The main products of the company include IGBT and FRD-based power semiconductor chips, which faced shipment and average selling price suppression in the first half of 2024, leading to a year-on-year decline in performance. However, with improving downstream demand, inventory pressure in the industry is gradually alleviating [1]. - The net profit for Q2 2024 was reported at 0.04 billion yuan, with a year-on-year decline of 86.6% and a quarter-on-quarter increase of 346.5% [1]. - The company has maintained a high level of R&D investment, with R&D expenses increasing by 1.87% year-on-year, and the R&D expense ratio at 8.48% [1]. - The company has successfully mass-produced photovoltaic chips and is in the process of developing various modules for different applications, indicating a strong technical capability [1]. Financial Performance Summary - For the first half of 2024, the company achieved a revenue of 3.9 billion yuan, a year-on-year decrease of 9.94% but a quarter-on-quarter increase of 58.34% [1]. - The gross profit margin for Q2 2024 was reported at 15.62%, down 7.06 percentage points year-on-year and down 0.26 percentage points quarter-on-quarter [1]. - The company forecasts a net profit of 0.65 billion yuan, 1.03 billion yuan, and 1.44 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 44, 28, and 20 times [1][4].