FHM(300613) 海通证券·2024-09-10 06:08Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Views - The company achieved revenue of 800 million yuan in H1 2024, a YoY decrease of 9.40%, with net profit attributable to shareholders of 105 million yuan, a YoY decrease of 18.18% [5] - Q2 2024 revenue was 443 million yuan, a YoY decrease of 5.39%, with net profit attributable to shareholders of 69 million yuan, a YoY decrease of 1.39% [5] - Q2 2024 gross margin increased to 38.44%, up 1.95 percentage points QoQ, and net margin rose to 13.30%, up 6.55 percentage points QoQ [5] - The company is a leader in smart vision chips, with strong performance in professional video processing, smart IoT, and smart automotive sectors [5] - The company has expanded its product lines and applications, with future business expected to grow steadily as market demand recovers [5] Financial Performance - Revenue for 2024E is projected at 1,923 million yuan, a YoY increase of 5.5%, with net profit of 257 million yuan, a YoY increase of 1.7% [7] - EPS for 2024E is forecasted at 1.11 yuan, with a P/E ratio of 28.93x [7][9] - Gross margin is expected to remain stable at around 38.2%-38.7% from 2024E to 2026E [7][9] - ROE is projected to increase from 9.2% in 2024E to 11.1% in 2026E [7][9] Business Segments - In professional video processing, the company leads with advanced technology and comprehensive chip solutions [5] - In smart IoT, the company has upgraded products for applications like smart locks and home surveillance cameras, collaborating with leading consumer electronics firms [5] - In smart automotive, the company's new-generation ISP products have improved interface speed and chip performance, meeting the demands of new energy vehicles [5] - The company has obtained AEC-Q100 and ISO26262 certifications, establishing a robust automotive-grade chip R&D and quality management system [5] Valuation and Forecast - The company's 2024E EPS is projected at 1.11 yuan, with a P/E valuation range of 25-30x, implying a fair value range of 27.75-33.30 yuan [5] - Compared to peers, the company's 2024E P/E ratio of 28.9x is lower than the industry average of 43.8x [8] Market Performance - The company's stock price has underperformed the market, with a 48.51% decline over the past year [3] - Relative to the CSI 300, the stock has shown mixed performance, with a 3.8% relative gain over the past 3 months [4]