CRM(SH:688396) Huaxin Securities·2024-09-13 08:03Investment Rating - The report maintains an "Accumulate" investment rating for the company [2][3] Core Views - The company reported a revenue of 4.76 billion yuan for the first half of 2024, a year-on-year decrease of 5.36%, and a net profit attributable to shareholders of 280 million yuan, down 63.96% year-on-year [2] - The semiconductor market in China is recovering, with industry inventory levels returning to reasonable levels, and downstream demand improving, leading to a full recovery of production capacity utilization [2] - The company is optimizing its product structure, with significant growth in the automotive electronics market, which now accounts for 22% of revenue [2] - The company is expanding its 12-inch wafer production capacity and packaging capabilities, with advanced packaging revenue growing by 136% year-on-year [2] Summary by Sections Financial Performance - In the first half of 2024, the company achieved a revenue of 4.76 billion yuan, with a sequential revenue increase of 25% in Q2 [2] - The net profit for Q2 was 247 million yuan, reflecting a sequential growth of 644% [2] - Revenue projections for 2024-2026 are 10.93 billion, 12.17 billion, and 13.67 billion yuan respectively, with EPS estimates of 0.64, 1.14, and 1.36 yuan [3] Market Position and Strategy - The company is focusing on the automotive electronics sector, with significant partnerships with major automotive manufacturers such as BYD and Geely [2] - The product mix includes new energy vehicles, consumer electronics, industrial equipment, and communication devices, with the new energy sector accounting for 39% of revenue [2] Capacity Expansion and R&D - The company is actively increasing its R&D investment to enhance its technological advantages, with ongoing development in IGBT, IPM, and MOSFET modules [2] - The 12-inch wafer production line is in the ramp-up phase, with plans for further capacity expansion [2]