Ingenic(300223) Huaan Securities·2024-09-01 12:16Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The consumer market continues to recover, and the industry market is gradually approaching recovery [1] - The company reported a revenue of 2.11 billion yuan for the first half of 2024, a year-on-year decrease of 5.2%, with a net profit attributable to the parent company of 200 million yuan, down 11.1% year-on-year [1] - The second quarter of 2024 saw a revenue of 1.1 billion yuan, a year-on-year decrease of 4.5% but a quarter-on-quarter increase of 9.2% [1] - The company’s gross profit margin for the first half of 2024 was 37.6%, an increase of 1.1 percentage points year-on-year [1] - The storage chip segment reported a revenue of 1.32 billion yuan in the first half of 2024, a year-on-year decrease of 12.3% [2] - The analog and interconnect chip segment achieved a revenue of 230 million yuan in the first half of 2024, a year-on-year increase of 23.4% [2] - The company expects the consumer electronics market demand to continue improving, while the automotive and industrial sectors remain relatively sluggish [2] Financial Summary - The company’s revenue for 2023 was 4.531 billion yuan, with a projected revenue of 4.530 billion yuan for 2024, indicating a year-on-year change of 0.0% [3] - The net profit attributable to the parent company for 2023 was 537 million yuan, with a projected net profit of 503 million yuan for 2024, reflecting a year-on-year decrease of 6.5% [3] - The gross margin is expected to improve from 37.1% in 2023 to 37.9% in 2024 [3] - The earnings per share (EPS) is projected to be 1.04 yuan in 2024, with a price-to-earnings (P/E) ratio of 44.74 [3][4]