Anlogic(688107) 国投证券·2024-09-02 05:02Investment Rating - The investment rating for the company is "Buy - A" with a target price of 23.9 CNY, maintaining the rating [4][5]. Core Views - The company reported a revenue of 317 million CNY in the first half of 2024, a year-on-year decline of 21.48%, with a net profit attributable to shareholders of -122 million CNY [1]. - The decline in revenue is attributed to ongoing inventory destocking by some terminal industry clients and uneven recovery in demand across various downstream markets such as industrial, communication, and consumer electronics [2]. - Despite the revenue decline, the company has seen a year-on-year increase in chip shipments, indicating signs of demand recovery as inventory destocking approaches completion [2]. - The company has effectively managed inventory, reducing it from 763 million CNY at the beginning of the reporting period to 607 million CNY at the end, a decrease of 20.49% [2]. - The company continues to invest heavily in research and development, with R&D expenses amounting to 192 million CNY, representing a 60.56% R&D expense ratio [3]. - The company has made progress in developing multiple new products, including the PHOENIX and ELF series, and has completed the development of domestically produced 28nm FPGA chips [3]. Financial Projections - Revenue projections for the company are estimated at 736 million CNY, 993 million CNY, and 1.192 billion CNY for 2024, 2025, and 2026 respectively, with net profits projected at -183 million CNY, -103 million CNY, and -20 million CNY for the same years [4][9]. - The company is expected to benefit from the domestic FPGA market trend due to its position as a leading domestic FPGA manufacturer and its high R&D investment [4].