晶丰明源：50系显卡或1Q2025发布，产业链备货有望开启

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the company is positioned to benefit from the upcoming release of NVIDIA's RTX 50 series graphics cards, expected in Q1 2025, which will likely trigger inventory preparations across the supply chain [2] - The company's DC/DC products are compatible with multiple GPU clients, and the revenue from this product line saw a significant increase of 1251.02% year-on-year in the first half of 2024, amounting to 6.6936 million yuan [2] - The report anticipates revenue growth for the company, projecting revenues of 1.662 billion yuan in 2024, 2.027 billion yuan in 2025, and 2.526 billion yuan in 2026, with corresponding net profits of -48 million yuan, 57 million yuan, and 153 million yuan respectively [3] Financial Performance Summary - The company's revenue for 2022 was 1,079 million yuan, which increased to 1,303 million yuan in 2023, and is expected to reach 1,662 million yuan in 2024, reflecting a growth rate of 27.54% [4] - The net profit for 2022 was -206 million yuan, improving to -91 million yuan in 2023, and projected to be -48 million yuan in 2024 [4] - The earnings per share (EPS) is expected to improve from -3.29 yuan in 2022 to -0.55 yuan in 2024, and then to 0.65 yuan in 2025 [5] - The report indicates a projected price-to-earnings (PE) ratio of 120.94 for 2025 and 45.36 for 2026 [3][5] Product and Market Development - The company has successfully introduced new products in the motor control and AC/DC sectors, with revenues from motor control chips reaching 154 million yuan in the first half of 2024, a year-on-year increase of 218.77% [3] - The AC/DC product line also showed strong performance, generating 131 million yuan in revenue in the first half of 2024, up 62.44% year-on-year [3] - The company is expanding its customer base in various sectors, including home appliances and electric vehicles, which is expected to drive further growth [3]