斯达半导：下游光伏需求短期回落，客户与产品持续拓展

Investment Rating - The investment rating for the company is "Outperform the Market" [1][4][9] Core Views - The report indicates a short-term decline in photovoltaic demand, leading to inventory pressure among clients. However, the company continues to expand its customer base and product offerings, particularly in the power semiconductor sector [1] - In the first half of 2024, the company's revenue from the new energy sector was 794 million yuan, a year-on-year decrease of 19.99%, while revenue from the electric vehicle sector grew by 33.25% [1] - The company is expected to benefit from its first-mover advantage in silicon carbide (SiC) technology and overseas market expansion, with projected net profits of 703 million, 891 million, and 1.076 billion yuan for 2024, 2025, and 2026 respectively [1][2] Summary by Sections Financial Performance - In Q2 2024, the company reported revenue of 728 million yuan, down 19.8% year-on-year and 9.5% quarter-on-quarter, with a net profit of 112 million yuan, reflecting a year-on-year decline of 49.88% [1][2] - The gross margin for Q2 2024 was 31.22%, a decrease of 4.75 percentage points year-on-year [1] Revenue Breakdown - The new energy sector's revenue in H1 2024 was 794 million yuan, with a significant drop in photovoltaic IGBT module demand due to inventory adjustments [1] - The industrial control segment showed stability with revenue of 606.3 million yuan, while revenue from variable frequency white goods grew by 44.14% to 132 million yuan [1] Research and Development - R&D investment increased by 34% in H1 2024, with the company expanding its customer base for SiC MOSFET modules in both domestic and international markets [1][2] Future Projections - The company expects to see a recovery in product pricing and volume in the second half of 2024, driven by the growth of its SiC products and overseas market penetration [1] - The projected earnings per share for 2024, 2025, and 2026 are 4.11 yuan, 5.21 yuan, and 6.30 yuan respectively [2][7]