USC(688403) 华金证券·2024-09-18 03:30Investment Rating - The investment rating for the company is "Accumulate-A" [1][3]. Core Views - The company is expected to maintain a growth trend in performance due to the release of new brand products in the second half of the year [1][3]. - Revenue for the first half of 2024 reached 674 million yuan, a year-on-year increase of 20.90%, driven by new production capacity and warming demand for end products like high-definition televisions [1][3]. - The net profit attributable to the parent company for the first half of 2024 was 60 million yuan, a decrease of 27.26% year-on-year, primarily due to high depreciation costs and other factors [1][3]. Financial Performance Summary - For the first half of 2024, the company reported a gross margin of 19.90%, down 4.11 percentage points year-on-year [1][3]. - The company’s revenue projections for 2024 to 2026 are 1.44 billion yuan, 1.78 billion yuan, and 2.05 billion yuan, with growth rates of 16.3%, 23.6%, and 15.0% respectively [3][4]. - The net profit attributable to the parent company is projected to be 200 million yuan, 267 million yuan, and 312 million yuan for the years 2024 to 2026, with growth rates of 2.1%, 33.6%, and 16.7% respectively [3][4]. Capacity Expansion and Market Outlook - The company is advancing its convertible bond projects aimed at enhancing the packaging capacity for OLED and other new display driver chips [3][4]. - The company expects an increase in OLED product revenue share due to the peak stocking period for new brand products and growth in the aftermarket [3][4]. - The company’s projects are progressing well, with significant increases in production capacity expected upon completion [3][4].