力芯微：Q2 单季度承压，国产品牌手机打开成长空间

Investment Rating - The investment rating for the company is "Buy," indicating an expected return of over 10% relative to the CSI 300 index in the next six months [1][7]. Core Insights - The company's revenue for the first half of 2024 reached 412 million yuan, a year-on-year growth of 10.22%, while the net profit attributable to shareholders was 78 million yuan, growing by 14.53% year-on-year. However, the second quarter saw a revenue decline of 2.00% year-on-year and a significant drop of 53.42% quarter-on-quarter [1]. - The domestic smartphone market is experiencing strong growth, with shipments of domestic brands reaching 22.18 million units in August 2024, a year-on-year increase of 31.7%. The total shipments from January to August 2024 reached 168 million units, up 21.3% year-on-year [1]. - The company has successfully reduced its dependency on its largest customer from 40.24% in 2022 to 32.87% in 2023, indicating effective customer expansion efforts [1]. Summary by Sections Financial Performance - In Q2 2024, the company reported revenue of 191 million yuan, a year-on-year decrease of 2.00% and a quarter-on-quarter decrease of 13.33%. The net profit for the same period was 25 million yuan, reflecting a year-on-year decline of 38.92% and a quarter-on-quarter decline of 53.42% [1]. - The company is projected to achieve net profits of 267 million yuan, 317 million yuan, and 360 million yuan for the years 2024, 2025, and 2026, respectively [1]. Market Trends - The domestic smartphone market is expected to continue its growth trajectory, with the second half of the year being a traditional peak season for consumer electronics. The company has launched several products that meet international advanced standards, which are anticipated to drive sales growth [1]. - The market share of domestic operating systems has surpassed Apple's for the first time, with Huawei's HarmonyOS becoming the second-largest mobile operating system in China as of Q1 2024 [1]. Investment Recommendations - The report maintains a "Buy" rating, suggesting that the company's performance is expected to improve in the upcoming quarters, driven by the release of new smartphone models and the expansion of its product line [1].