Fortune Tech(SZ:300493) Tianfeng Securities·2024-09-19 09:30Investment Rating - The report maintains a "Buy" rating for the company, reflecting its high growth potential and strong barriers to entry [2]. Core Insights - The company reported a revenue of 1.167 billion yuan for H1 2024, representing a year-on-year growth of 23.61%, and a net profit attributable to shareholders of 25 million yuan, up 21.35% year-on-year [1]. - The significant reduction in financial expenses, which decreased from 5 million yuan in the same period last year to 1 million yuan, contributed to the profit increase [1]. - R&D investment increased by 55.51% in H1 2024, highlighting the company's focus on emerging product lines and competitive advantages in AI edge computing and other sectors [1]. - The company has made strategic investments, including a 10% stake in Yuanjing Moer and acquiring 4.42% of Atmosic Technologies, indicating a proactive approach to expanding its technological capabilities [1][2]. Financial Performance Summary - For H1 2024, the company achieved a revenue of 1.167 billion yuan and a net profit of 25 million yuan, with a significant increase in R&D spending [1]. - The financial forecast for 2024/2025/2026 projects net profits of 110.06 million yuan, 153.68 million yuan, and 216.17 million yuan, respectively, reflecting an upward revision from previous estimates [2]. - The company’s total assets are projected to grow from 1.628 billion yuan in 2023 to 2.097 billion yuan by 2026, indicating a robust growth trajectory [5][6]. Market Position and Strategy - The company is positioned as a key player in the semiconductor industry, with strong ties to major clients such as Qualcomm and DJI, and a focus on AI, automotive electronics, and smart home markets [1]. - The strategic investments and partnerships aim to enhance the company's supply chain stability and expand its presence in emerging technology fields [1].