钜泉科技：2024年半年度报业绩点评：营收同比微增，积极回购彰显经营信心

Investment Rating - The report maintains a "Recommend" rating for the company [1] Core Views - The company's revenue increased slightly year-over-year, with H1 2023 revenue reaching RMB 3.07 billion, a 46.45% YoY increase [1] - The company is a leading domestic supplier of metering chips and a major supplier of smart meter MCU chips, with its three-phase metering chips ranking first in domestic unified bidding markets [1] - The company is actively repurchasing shares, with a planned repurchase amount of no less than RMB 20 million, demonstrating confidence in its operations [1] - The company is expected to benefit from the upcoming IR46 standard and the growing demand for smart meters in overseas markets, with projected revenue growth of 15.03% in 2024 and 28.22% in 2025 [2] Financial Performance - H1 2023 revenue: RMB 3.07 billion, up 46.45% YoY [1] - H1 2023 net cash flow from operating activities: RMB 553.611 million, a significant improvement YoY due to reduced payments to suppliers and increased sales collections [1] - 2023E revenue: RMB 603.05 million, down 15.05% YoY [2] - 2024E revenue: RMB 693.71 million, up 15.03% YoY [2] - 2025E revenue: RMB 889.48 million, up 28.22% YoY [2] Product and Market Position - The company is a leading supplier of metering chips in China, with its three-phase metering chips ranking first in domestic unified bidding markets [1] - The company's single-phase SoC chips are gradually gaining market share in export markets, while its single-phase metering chips and MCU chips are also performing well in domestic markets [1] - The company is developing 32-bit MCU chip products and has completed the development of high-precision BMS chip core algorithms [1] Share Repurchase - The company plans to repurchase shares with a total amount of no less than RMB 20 million, with a repurchase price not exceeding RMB 60 per share [1] - The repurchase is expected to be completed by the 2024 annual shareholders' meeting, demonstrating the company's confidence in its future [1] Industry and Market Outlook - The company is expected to benefit from the upcoming IR46 standard and the growing demand for smart meters in overseas markets [1] - The report highlights the company's potential for sustained growth due to the ongoing smart grid transformation and the increasing demand for smart grid terminal equipment chips [1] Analyst Background - The report is authored by Liu Hang, Chief Analyst of the Electronics Industry and Head of the Technology Group at Dongxing Securities, with a background in engineering and experience in the semiconductor industry [6]