中颖电子：逐步复苏

Investment Rating - The investment rating for the company is "Buy" and is maintained [2] Core Views - The company is gradually recovering, with a notable increase in revenue and net profit in the second quarter of 2024 compared to the first quarter [3][4] - The company expects improvements in gross margin in the second half of the year due to effective negotiations with wafer foundries [4] - The demand for smart home MCU and power lithium battery markets is recovering, contributing to sales growth [4] - The company is transitioning its AMOLED display driver chips from the aftermarket to the front market, facing short-term operational pressure [4] - The competitive landscape is improving, with leading companies emerging in the MCU market [5] Financial Summary - The company achieved operating revenue of 334.57 million yuan in Q2 2024, a quarter-on-quarter increase of 4.94% [3] - The net profit attributable to shareholders was 39.87 million yuan, a quarter-on-quarter increase of 27.94% [3] - For the first half of 2024, the company reported operating revenue of 653.40 million yuan, a year-on-year increase of 3.93% [3] - The projected revenues for 2024, 2025, and 2026 are 1.45 billion yuan, 1.70 billion yuan, and 2.00 billion yuan, respectively [6] - The projected net profits for the same years are 170 million yuan, 220 million yuan, and 300 million yuan, respectively [6] Market Outlook - The global market for AMOLED smartphone panels is expected to grow significantly, with a 50.1% year-on-year increase in shipments in the first half of 2024 [4] - The demand for lithium battery management chips is anticipated to rise due to the introduction of new smartphone models in Q4 2024 [5] - The company is launching new products aimed at enhancing cost competitiveness and expanding market share [5]