Yuanjie Semiconductor Technology (688498) 国联证券·2024-09-02 05:30Investment Rating - The investment rating for the company is not explicitly stated in the report, but it suggests maintaining attention to the company's developments [4]. Core Insights - The company reported a revenue of 120 million yuan for the first half of 2024, representing a year-on-year increase of 95.96%. However, the net profit attributable to shareholders decreased by 44.56% to 10.75 million yuan. The non-recurring net profit increased by 129.97% to 9.47 million yuan [2][6]. - The telecom market business revenue grew by 94.61%, while the data center and other businesses saw a revenue increase of 111.27% [6]. - The company is increasing its investment in high-end optical chip research and development, with products like 100G PAM4 EML and CW light sources in customer testing stages, and some CW products starting mass delivery [6]. - A stock incentive plan was announced, aiming to grant 571,700 restricted shares to 176 individuals, including directors and key personnel, with performance targets set for 2024-2026 [6]. Financial Performance Summary - For the first half of 2024, the company achieved a gross margin of 33.42%, a decrease of 5.59 percentage points year-on-year, primarily due to increased competition and production costs [6]. - The projected revenues for 2024-2026 are estimated at 262 million yuan, 427 million yuan, and 575 million yuan, with year-on-year growth rates of 81.57%, 62.74%, and 34.75% respectively. The net profit attributable to shareholders is projected to be 51 million yuan, 145 million yuan, and 215 million yuan for the same period, with growth rates of 160.48%, 184.99%, and 48.51% respectively [6][7].