紫光国微：2024H1实现归母净利润7.34亿元，同比-47.04%

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - In H1 2024, the company reported a revenue of 2.873 billion yuan, a year-on-year decrease of 23.18%, and a net profit attributable to shareholders of 738 million yuan, down 47.04% year-on-year [1] - The company continues to invest heavily in R&D, with R&D expenses amounting to 678 million yuan, representing 23.60% of revenue, and is expanding its product categories [1] - The effective demand recovery in the special integrated circuit sector is still below expectations, but the company is expected to benefit from the recovery in demand as a core player in the domestic special integrated circuit market [2] Summary by Sections Special Integrated Circuits - H1 2024 revenue was 1.244 billion yuan, down 42.52% year-on-year, with a net profit of 583 million yuan, down 50.80% year-on-year [1] - The gross margin for this segment was 74.56%, a decrease of 2.98 percentage points year-on-year, and the net margin was 46.88%, down 7.90 percentage points year-on-year [1] - The company is expanding its product offerings, including new FPGA products and various specialized chips [1] Smart Security Chips - H1 2024 revenue reached 1.482 billion yuan, an increase of 0.93% year-on-year, with the core subsidiary achieving a revenue of 1.356 billion yuan, up 7.67% year-on-year [2] - The net profit for this segment was 256 million yuan, up 55.49% year-on-year, benefiting from the disposal of equity investments [2] - The gross margin for smart security chips was 47.81%, a decrease of 1.59 percentage points year-on-year [2] Crystal Business - H1 2024 revenue was 111 million yuan, an increase of 23.15% year-on-year, with a gross margin of 15.19%, up 1.89 percentage points year-on-year [2] - The company is expanding into automotive electronics, consumer electronics, and network communication sectors, with a noticeable increase in domestic market share [2] Financial Forecast - The company has adjusted its profit forecast, expecting net profits of 1.795 billion, 2.489 billion, and 3.202 billion yuan for 2024, 2025, and 2026 respectively, with corresponding valuations of 22X, 16X, and 12X [2]