思瑞浦：二季度出货量创季度新高，毛利率环比回升

Investment Rating - The investment rating for the company is "Outperform the Market" [1][3][14] Core Views - The company achieved a record high shipment volume in Q2, with a 53% quarter-on-quarter revenue growth. However, the overall revenue for the first half of 2024 was 507 million yuan, a year-on-year decrease of 17.21% due to pricing pressures [1] - The company continues to invest in automotive-grade product development, having launched over 160 automotive-grade chips, which are applicable in various scenarios such as intelligent cockpits and smart driving [1] - The company is expanding its overseas business, establishing local sales and technical support teams in multiple countries, and has formed a global distribution partnership with DigiKey [1] Financial Performance Summary - In Q2 2024, the company reported revenue of 307 million yuan, a year-on-year increase of 0.63% and a quarter-on-quarter increase of 53.33%. The gross margin was 48.28%, with a net loss of 16.47 million yuan [1][2] - For the first half of 2024, the signal chain chip revenue was 418 million yuan, accounting for 83% of total revenue, while power management chip revenue was 88 million yuan, accounting for 17% [1] - The company has adjusted its net profit forecasts for 2024-2026 to 150 million, 284 million, and 403 million yuan respectively, reflecting the impact of product pricing pressures and high R&D costs [1][2]