美格智能：营收稳步增长，车载业务持续发力

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company achieved a revenue of 1.31 billion yuan in the first half of 2024, representing a year-on-year growth of 27.6%, while the net profit attributable to shareholders decreased by 31% to 33 million yuan [1] - The second quarter of 2024 saw a record high revenue of 730 million yuan, up 26% year-on-year and 27% quarter-on-quarter, driven by improved macro demand and increased overseas product recognition [1] - The company's gross margin for the first half of 2024 was 16.6%, down 3.8 percentage points year-on-year, but showed a quarter-on-quarter improvement to 17.3% in Q2 [1] - Continued investment in R&D and sales expenses, focusing on high-performance products and expanding into overseas markets, is expected to drive future growth [1][2] Financial Performance Summary - Revenue for 2024 is projected to be 2.74 billion yuan, with net profit expected to reach 96 million yuan, reflecting a year-on-year growth of 48.4% [2][8] - The company is expected to see revenues of 3.39 billion yuan in 2025 and 4.06 billion yuan in 2026, with net profits of 146 million yuan and 193 million yuan respectively [2][8] - The company's P/E ratios are projected to decrease from 54 in 2024 to 27 in 2026, indicating improving valuation as earnings grow [2][8] Market Position and Strategy - The company is positioned to benefit from the recovery of the overseas IoT market, leveraging its manufacturing capabilities and product structure [2] - The focus on high-performance modules is expected to align with advancements in edge AI, providing additional growth opportunities [2] - The report highlights the importance of expanding into key markets, including automotive and consumer IoT sectors, to sustain growth momentum [1][2]