SMEI(SZ:300456) Guoxin Securities·2024-09-02 05:04Investment Rating - The investment rating for the company is "Outperform the Market" [3][12]. Core Views - The company reported a revenue growth of 39% year-on-year in the first half of 2024, with a gross margin increase of 3.12 percentage points. The revenue reached 551 million yuan, driven by the focus on MEMS business and strong performance from the Swedish production line [1][3]. - The net profit attributable to the parent company was -43 million yuan, an improvement compared to the previous year's loss of 152.3 million yuan. The adjusted net profit was -49 million yuan, showing a reduced loss compared to the previous year [1][3]. - The Swedish production line's capacity utilization rate was 38.75%, while the Beijing production line showed significant improvement with a utilization rate of 29.42% [1][3]. Summary by Sections Financial Performance - In 1H24, the company's revenue was 551 million yuan, a year-on-year increase of 38.91%. The gross margin was 35.04%, up 3.12 percentage points from the previous year [1][2]. - For Q2 2024, revenue was 281 million yuan, reflecting a year-on-year growth of 36.41%. The net profit attributable to the parent company was -31 million yuan, a reduction in loss compared to the previous year [1][2]. Business Segments - The MEMS wafer manufacturing segment generated 306 million yuan in revenue, accounting for 55.6% of total revenue, with a gross margin of 34.57% [1][2]. - The MEMS process development segment contributed 161 million yuan, representing 29.1% of total revenue, with a gross margin of 37.55% [1][2]. - The semiconductor equipment segment generated 57 million yuan, accounting for 10.4% of total revenue, with a gross margin of 21.25% [1][2]. Production Capacity - The Swedish production line is in a ramp-up phase, with a capacity utilization rate of 38.75% and a production yield of 72.78% [1][3]. - The Beijing production line is also ramping up, with a capacity utilization rate of 29.42% and a production yield of 77.03% [1][3]. Future Outlook - The company maintains its revenue expectations for 2024-2026 at 1.571 billion yuan, 2.081 billion yuan, and 2.543 billion yuan, respectively, with net profits projected at 255 million yuan, 362 million yuan, and 533 million yuan [1][2].