SG Micro Corp(300661) 太平洋·2024-10-23 04:03Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 15% compared to the CSI 300 index in the next six months [4][8]. Core Insights - The company has shown significant growth in the first half of 2024, with revenue reaching 1.576 billion yuan, a year-on-year increase of 37.27%, and a net profit attributable to shareholders of 179 million yuan, up 99.31% [2]. - The product matrix is robust and continuously innovated, with strong R&D capabilities leading to a series of products that meet market demands, particularly in the signal chain and power management sectors [2][3]. - The company has invested heavily in R&D, with expenditures of 418 million yuan in the first half of 2024, representing a R&D expense ratio of 26.49% [3]. Financial Performance - For the first half of 2024, the company achieved a revenue of 1.576 billion yuan, with a net profit of 179 million yuan, and a non-recurring net profit of 158 million yuan, reflecting year-on-year growth rates of 37.27%, 99.31%, and 223.43% respectively [2]. - The second quarter of 2024 saw revenue of 850 million yuan, a year-on-year increase of 33.42% and a quarter-on-quarter increase of 16.23% [2]. - The main business segments, signal chain and power management, generated revenues of 538 million yuan and 1.038 billion yuan, with year-on-year growth rates of 22.66% and 46.30% respectively [2]. Future Projections - The company is projected to achieve revenues of 3.245 billion yuan, 4.006 billion yuan, and 4.895 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding net profits of 423 million yuan, 668 million yuan, and 950 million yuan [4][5]. - The expected price-to-earnings ratios for the years 2024, 2025, and 2026 are 106.57x, 67.46x, and 47.45x respectively [4][5].