Anlogic(688107) 民生证券·2024-09-02 14:07Investment Rating - The report maintains a "Recommend" rating for Anlu Technology (688107 SH) [2][4] Core Views - Anlu Technology's performance remains under pressure in H1 2024, with revenue of 317 million yuan (YoY -2148%) and net profit attributable to parent company of -122 million yuan [2] - The company's inventory management has shown significant results, with inventory decreasing by 2049% from 763 million yuan at end of 2023 to 607 million yuan at end of Q2 2024 [2] - Some downstream industries show clear signs of recovery, with multiple new products being introduced and overseas market expansion underway [2] - The company maintains high R&D investment, with 192 million yuan spent in H1 2024, accounting for 6056% of revenue [2] - Revenue is expected to grow to 718/944/1156 million yuan in 2024-2026, with PS ratios of 10/8/7 times respectively [2] Financial Performance - H1 2024 revenue: 317 million yuan (YoY -2148%) [2] - H1 2024 gross margin: 3321% (YoY -328pct) [2] - Q2 2024 revenue: 175 million yuan (YoY -1906%, QoQ +2358%) [2] - Q2 2024 gross margin: 2890% (YoY -688pct, QoQ -963pct) [2] - 2024E revenue: 718 million yuan (YoY +251%) [3][5] - 2024E net profit: -157 million yuan [3][5] Product Development - The company has made progress in FPGA/FPSoC chip series products, with multiple new models (SALELF, SALPHOENIX, SALDRAGON) being introduced [2] - New product development includes high-performance FPGA chips based on domestic processes and large-scale FPGA chips based on advanced processes [2] - The company has improved supporting EDA software performance to meet customer needs [2] Market Expansion - The company is actively seeking overseas cooperation agents and beginning overseas market layout [2] - Progress has been made in industrial control, network communication, video imaging, automotive electronics, data centers, consumer electronics, and smart grid fields [2] Financial Projections - 2024-2026 revenue forecast: 718/944/1156 million yuan [2][3][5] - 2024-2026 net profit forecast: -157/-98/7 million yuan [3][5] - 2024-2026 PS ratios: 10/8/7 times [2][3] - 2024-2026 gross margin forecast: 3433%/3677%/4053% [5] Industry Outlook - Some downstream industries show clear signs of recovery, while others still face inventory pressure [2] - The FPGA industry is expected to see a demand inflection point in H2 2024 as inventory reduction completes [2]