Lion(605358) 海通证券·2024-09-05 00:07Investment Rating - The investment rating for the company is maintained at "Neutral" [2][11] Core Insights - The company has shown revenue growth in its semiconductor wafer and power device segments, but pricing pressures remain significant. The compound semiconductor RF chip business is experiencing rapid growth [3][4] - In H1 2024, the company achieved a revenue of 1.459 billion yuan, a year-on-year increase of 8.69%, but the net profit attributable to shareholders was a loss of 66.86 million yuan, down 138.50% year-on-year [3][4] - The company expects revenue growth for 2024E-2026E to be 14.85%, 18.32%, and 18.01% respectively, with net profits projected to increase significantly in the same period [6][11] Summary by Sections Financial Performance - In H1 2024, the company reported a revenue of 1.459 billion yuan, with a quarterly revenue of 780 million yuan in Q2, reflecting a year-on-year increase of 9.83% and a quarter-on-quarter increase of 14.83% [3] - The gross margin for Q2 2024 was 14.55%, up 4.67 percentage points from the previous quarter [3] Business Segments - Semiconductor wafer business revenue for H1 2024 was 1.022 billion yuan, a year-on-year increase of 12.96%, with a sales volume of 6-inch wafers reaching 6.6885 million pieces, up 46.22% year-on-year [4][6] - The power device segment saw a revenue of 448.19 million yuan in H1 2024, with a slight increase in sales volume but a decline in prices [4][6] - The compound semiconductor RF chip business achieved a revenue of 128.37 million yuan, a year-on-year increase of 233.89% [4][6] Revenue and Profit Forecast - The company forecasts revenues of 3.089 billion yuan, 3.655 billion yuan, and 4.313 billion yuan for 2024E, 2025E, and 2026E respectively, with net profits expected to be 142 million yuan, 326 million yuan, and 452 million yuan [5][11] - The estimated reasonable market value range for the company is between 16.063 billion yuan and 18.631 billion yuan, corresponding to a per-share value range of 23.93 yuan to 27.75 yuan [11][12]