GUOXIN MICRO(002049) 兴业证券·2024-09-13 02:10Investment Rating - The report maintains a "Buy" rating for the company [3][19]. Core Insights - The company reported a significant decline in revenue and net profit for the first half of 2024, with revenue at 2.873 billion yuan, down 23.18% year-on-year, and net profit at 738 million yuan, down 47.04% year-on-year [5][6]. - Despite the overall decline, revenue from smart security chips and crystal components showed growth, indicating potential areas of strength [6][17]. - The company has made advancements in automotive electronics, with new product launches expected to drive future growth [17]. Financial Summary - Revenue and Profit: For the first half of 2024, the company achieved revenue of 2.873 billion yuan, a decrease of 23.18% year-on-year, and a net profit of 738 million yuan, down 47.04% year-on-year [5][6]. - Earnings Per Share (EPS): Basic EPS for the first half of 2024 was 0.87 yuan, a decline of 46.71% year-on-year [5][6]. - Gross Margin: The gross margin for the first half of 2024 was 57.95%, down 6.80 percentage points year-on-year [12]. - Return on Equity (ROE): The weighted average ROE was 6.18%, a decrease of 7.32 percentage points year-on-year [12]. - Cash Flow: The net cash flow from operating activities was 633 million yuan, down from 1.147 billion yuan in the same period last year [14]. Segment Performance - Integrated Circuits: Revenue from integrated circuits was 2.725 billion yuan, down 24.96% year-on-year, accounting for 94.87% of total revenue [9]. - Smart Security Chips: Revenue from smart security chips was 1.482 billion yuan, up 0.93% year-on-year, representing 51.57% of total revenue [9]. - Crystal Components: Revenue from crystal components was 111 million yuan, up 23.15% year-on-year, accounting for 3.87% of total revenue [9]. Future Outlook - The company expects net profits for 2024-2026 to be 1.871 billion, 2.168 billion, and 2.677 billion yuan respectively, with corresponding EPS of 2.20, 2.55, and 3.15 yuan per share [19]. - The report highlights the company's competitive advantages in special integrated circuits and automotive electronics, which are anticipated to contribute to future revenue growth [17].