SG Micro Corp(SZ:300661) Huaxin Securities·2024-09-09 09:30Investment Rating - The report maintains a "Buy" rating for the company [2][7] Core Views - The company has shown steady growth in the first half of 2024, with a significant increase in revenue and net profit [4][6] - The product matrix continues to innovate, with a strong focus on power management products driving revenue growth [4][5] - The company is committed to increasing R&D investment, focusing on emerging market trends such as new energy vehicles and artificial intelligence [6][7] Summary by Sections Financial Performance - In the first half of 2024, the company achieved revenue of 1.576 billion yuan, a year-on-year increase of 37.27% - The net profit attributable to shareholders was 179 million yuan, up 99.31% year-on-year, while the net profit excluding non-recurring items reached 158 million yuan, growing by 223.43% [3][4] Product Development - The company has a comprehensive product matrix covering signal chain and power management, with 32 categories and over 5,200 products available for sale - New products launched include a dual-channel 2A flash LED driver and various high-efficiency power management chips, enhancing the product portfolio [5][6] R&D Investment - The company has consistently increased R&D spending, which reached 418 million yuan in the first half of 2024, accounting for 26.49% of revenue - The R&D team consists of 1,085 personnel, representing 73.06% of the total workforce, indicating a strong commitment to innovation [6][7] Earnings Forecast - Revenue projections for 2024-2026 are 3.235 billion, 4.022 billion, and 4.906 billion yuan, respectively - EPS estimates for the same period are 0.98, 1.57, and 2.04 yuan, with corresponding P/E ratios of 71.6, 44.5, and 34.3 times [7][9]