序号 | 研究机构 | 分析师 | 投资评级 | 报告标题 | 更新日 |
| | | 上期评级 | 评级变动 | | |
1 | 招银国际 | Lily Yang,Kevin Zhang | 维持 | 买入 | Entering 2025 with a clean slate,with the worst left behind | 2025-01-20 |
闻泰科技(600745)
Wingtech announced its preliminary FY24 results. The company expects a netloss to be around RMB3.5-4.55bn (vs. RMB1.1bn NP in FY23). Mgmt. attributedthe NL primarily to 1) impairment related to the sale of ODM business announcedin Dec (link), 2) a write-down on deferred tax assets, and 3) further goodwillimpairments (RMB600mn/RMB500mn in 2022/23, with RMB200mn to be fullyimpaired in 2024). Despite short-term financial setbacks, we believe Wingtech isbetter-positioned for LT value creation as it moves forward with a lighter load asit transforms itself to a predominately semiconductor-focused company. MaintainBUY with TP unchanged at RMB52.
Net loss in FY24 due to one-off impairments from ODM spin-off. PerCounterpoint, the top three ODM players (Longcheer, Huaqin, Wingtech)accounted for 75% of total market in 1H24 in China. Wingtech ranked thirdwith 17% share, down 3ppts vs. 1H23. Despite a challenging 1H24, its ODMbusiness continued to improve in 4Q (after +46%/15% YoY/QoQ in 3Q), witha record revenue (est. double-digit YoY and single-digit QoQ). Excluding theimpairments (ODM business spin-off, write-down on DTA, and goodwill), thesegment turned profitable in 4Q as mgmt. expected. However, ODM is a lowmargin business, with the top three ODM players in China seeing <3% NPMon average in 9M24. We see No.2 player Huaqin (603296 CH, NR) is activelydiversifying its business portfolio towards higher-margin opportunities(recently acquired 75% of HCTRobot). We believe Wingtech is betterpositioned now as it moves forward with a lighter load.
Semi business continued to show resilience amid seasonal slowdown.Semi business revenue grew sequentially in FY24 (2Q/3Q: 10/15% QoQ).While 4Q24 sales faced seasonal softness, the business still recorded singledigit YoY (~7%) and flattish QoQ growth, driven by strong demand inconsumer, data center, and auto sectors. Notably, China contributed ~40%of total semi revenue, offsetting weakness overseas resulting from continuedinventory correction. 4Q GPM was near 2Q level (1Q/2Q/3Q: 31.0%/38.7%/40.5%). Mgmt. expects overseas auto OEMs to resume restocking in2025, with auto revenue currently accounting for 60% of total semi revenue.
Looking forward, we expect to see more upside in Wingtech’s valuation,lifted by 1) increasing semiconductor revenue share, 2) robust domestic autodemand with gradual recovery overseas, and 3) a re-rating opportunity givenits business transformation to being a semi-centric company. Maintain BUY,with TP unchanged at RMB52, corresponding to 24.8x FY25E P/E, basedon unchanged financial forecasts. Potential risks include heightened USChina trade relations, unfavourable exchange rates, and weaker-thanexpected overseas auto inventory correction. |
2 | 招银国际 | Lily Yang,Kevin Zhang | 维持 | 买入 | Valuation to improve on ODM business spin-off | 2025-01-03 |
闻泰科技(600745)
On December 31, 2024, Wingtech signed a “Letter of Intent for Sale” for ninewholly-owned ODM subsidiaries with Luxshare Limited in an all-cash deal. Thismove follows its recent addition to the US trade blacklist (news). According tomgmt., this transaction serves two primary purposes: (1) to align with the riskpreferences of certain ODM clients, and (2) to mitigate potential risks to itssemiconductor leg. The deal reflects a broader 2025 trend of event-driven M&Aopportunities in China's semiconductor sector amid strategic geopolitical shiftsand favourable policies, as indicated in our 2025 outlook report as a newinvestment theme (link). Maintain BUY on Wingtech, with TP unchanged atRMB52.
The sale exclusively involves its Android-focused ODM business, aburden on the company’s financial performance and valuation.Together, these subsidiaries held a total asset value of RMB28.2bn as of9M24, representing 36.1% of the company’s total assets and over 50% oftotal revenue (triggering one of CSRC’s asset restructuring regulations) in3Q24. In 9M24, the ODM segment contributed ~79% of total revenue butrecorded a substantial net loss of RMB1.2bn.
Wingtech will focus on its high-margin semiconductor business,Nexperia. In 9M24, semi segment generated RMB10.9bn in sales (~20%of total revenue), with GPM at 37% (RMB4bn) and NPM at 16%(RMB1.7bn), outperforming the company’s overall 9% GPM and 1% NPMduring the same period. In 2Q/3Q24, semi segment saw sequential growthof 6%/6%, driven by 1) strong domestic auto sales, recovering consumerelectronics and robust computing demand. We expect the company’s semisegment sales to grow by 11.8%/12.9% in FY25/26E, compared toBloomberg consensus of 9%/9%.
Maintain BUY, with TP unchanged at RMB52, corresponding to 24.8xFY25E P/E. We expect this business transformation will lead to a highervaluation for Wingtech, as it has almost transformed into a predominatelysemi-focused company. The company currently trades at 17.7x/12.2xFY25/26E P/E, which is appealing comparing to its domestic peers thattrade at an average 25/26E P/E of 30.3x/23.8x. Potential risks include:heightened China-US trade relations, and unfavourable exchange rates. |
3 | 华鑫证券 | 毛正,张璐 | 首次 | 买入 | 公司事件点评报告:半导体业务增长稳健,产品集成业务Q3明显好转 | 2024-11-06 |
闻泰科技(600745)
事件
闻泰科技发布2024年三季度报告:2024年前三季度公司实现营业收入531.61亿元,同比增长19.70%;实现归属于上市公司股东的净利润4.15亿元,同比减少80.26%;实现归属于上市公司股东的扣除非经常性损益的净利润0.71亿元,同比减少96.41%。
投资要点
营业收入稳定增长,净利润Q3扭亏为盈
2024年前三季度公司实现营收531.61亿元,同比增长19.70%。其中Q3实现营收195.71亿元,同比增长28.71%,归母净利润实现2.74亿元,同比减少67.43%,环比扭亏为盈,改善明显。Q3半导体业务环比稳健增长,主要是汽车及工业与电力领域的收入保持稳健,消费电子类的收入环比恢复较快,业务毛利率达到40.50%,同比环比均提升明显;产品集成业务部分新项目开始量产出货,收入同比、环比均实现较大幅度增长。
中低压价格企稳,出货量与盈利环比改善
功率半导体行业Q2中低压产品价格逐渐企稳,出货量与盈利情况环比改善。下游来看,新能源车渗透率不断提升,插电式混合动力(含增程)占比持续提升,销量同比增长约7成;工业市场在可再生能源装机规模不断突破和AI数据中心高速增长的带动下有所复苏;消费电子也将在AI的带动下,即将迎来AI手机、AI PC等终端设备的新一轮换机周期。随着产业链中消费电子、汽车电子、高性能计算等领域的快速回升,功率半导体景气度逐步恢复上行,公司业务受益增长。
公司多方举措成效显著,产品集成业务大幅减亏
产品集成业务2024年Q3实现营收157.3亿元,环比增长14.79%,毛利率为3.8%,净亏损3.57亿元,剔除可转债利息费用和汇兑损失影响,产品集成业务第三季度明显好转。公司多方位举措提升产品集成业务经营质量:1)紧抓市场机遇,服务于高ASP产品,客户新项目导入顺利,部分已量产出货;2)合作共赢提升产品毛利率,积极优化上下游合作业务;3)优化运营,降本增效,产品集成业务2024年前三季度三大费用率同比降低。展望未来,公司将依托手机平板等传统优势业务,持续提升市占率,并在车载与AIoT、家电等新业务上快速增长,该业务将得到实质性改善。
盈利预测
预测公司2024-2026年收入分别为702.60、771.03、851.53亿元,EPS分别为0.66、2.02、2.49元,当前股价对应PE分别为69、22、18倍。随着下游的逐步回暖,公司半导体业务稳健增长、产品集成业务持续改善,首次覆盖,给予“买入”投资评级。
风险提示
宏观经济的风险,产品研发不及预期的风险,行业竞争加剧的风险,下游需求不及预期的风险。 |
4 | 上海证券 | 王红兵,陈凯 | 维持 | 买入 | 三季报点评:盈利能力环比改善,半导体业务带来持久动能 | 2024-11-05 |
闻泰科技(600745)
投资摘要
事件概述
10月26日,公司发布2024年三季度报告。公司2024Q1-3实现营业收入531.61亿元,yoy+19.70%,其中2024Q3实现营业收入195.71亿元,yoy+28.71%;实现归母净利润4.15亿元,其中2024Q3实现归母净利润2.74亿元,环比增长2.77亿元,实现扭亏为盈。
分析与判断
电气化&AI驱动持续发展,半导体业务支撑业绩稳步改善。半导体业务受汽车及工业电力领域带动以及消费电子领域的复苏,2024Q3公司半导体业务实现营业收入38.32亿元,环比增长5.86%;2024Q3实现净利润6.66亿元,qoq+18.92%。闻泰科技在半导体零部件领域加速垂直整合,持续强化自身供应能力,打造安全可控的供应体系,并持续加大研发投入,培育自主创新能力与核心竞争力,随着电气化、AI驱动持续发展,公司各主要产品的单机使用量及使用价值也在不断上升,据公司表述,目前在已有电动车客户中公司单车芯片使用量最高可达约1000颗/车;且随着AI产业蓬勃发展,算力需求带动AI服务器快速发展,需求持续强劲;公司前瞻布局,配套AI服务器的MOS产品约10美元/台,远高于普通非AI服务器的1美元/台。在终端应用驱动下,2024Q3公司半导体业务逐步复苏,毛利率达到40.5%,同比增长2.8个百分点。我们认为,公司坚持打造并提升整机产品核心竞争力、响应市场新需求开发高ASP产品有望强化自身在全球功率半导体产业链的地位,半导体业务条线有望持续向好。
提质增效成果显现,产品集成业务多条线亮点频出。受新项目价格较低、部分原材料涨价以及工厂人力成本上升等因素影响,2024H1产品集成业务承压。进入三季度,公司重点强化内部管理、控费增效,使得2024Q1-3三大费用率同比下降;公司紧抓市场增量机遇,加快推动高ASP产品对接,部分新项目已开始量产出货,带动营收大幅增长,2024Q3公司产品集成业务实现营收157.30亿元,yoy+45.58%;在增收控费基础之上,公司积极优化供应链上下游协同,通过商务条款及新进供应商改善成本,不断提升产品综合毛利率,2024Q3产品集成业务毛利率逐步恢复至3.8%。我们认为,在当前消费电子板块持续复苏背景下,随着公司内部费用结构优化调整及新业务逐步落地,产品集成业务有望保持逐季改善势头。
投资建议
维持“买入”评级。我们调整公司2024-2026年归母净利润预测至8.18/20.10/31.62亿元,对应EPS分别为0.66/1.62/2.54元,对应PE估值分别为66/27/17倍。
风险提示
终端需求复苏不及预期、订单落地不及预期、行业竞争加剧 |
5 | 浦银国际证券 | 沈岱,黄佳琦 | 维持 | 买入 | 三季度产品集成业务与功率半导体业务同频改善 | 2024-10-29 |
闻泰科技(600745)
调整目标价至人民币41.6元,潜在升幅15%,维持“买入”评级。
重申闻泰科技的“买入”评级:闻泰科技三季度的净利润为人民币2.7亿元,环比扭亏,业绩符合此前管理层对于公司基本面的判断,即今年产品集成业务盈利能力逐季改善,功率半导体业务基本面在二季度触底并向上。公司半导体业务触底上行幅度高于我们此前预期,因此我们上调2025年盈利增速预测至127%。当前,闻泰科技市盈率为22.2x,略低于过去5年历史均值水平,仍然具备上行空间。因此,我们对闻泰保持乐观判断。
产品集成业务扭亏在即。公司产品集成业务三季度录得收入157亿元,毛利率3.8%,净亏损3.6亿元,均实现环比增长或改善。主要得益于:1)手机ODM等供应链上游零部件成本改善;2)大客户产品规模提升;3)公司持续的降本增效。我们预期该业务有望在今年四季度实现扭亏,并在2025年贡献约1.3亿元的盈利增量。
安世半导体基本面周期开启上行,超出我们预期。安世半导体三季度录得收入38.3亿元,毛利率40.5%,净利润6.7亿元,同样均实现环比增长和改善。与我们此前判断一致,安世在本轮半导体下行周期中的下行空间较有限。而半导体业务毛利率恢复的程度好于我们此前判断,优于2021年水平,大幅高于2020年的低点。进一步看,临港晶圆厂有望承接安世功率半导体的制造,提供更加有成本竞争力的产品,抢夺国内市场份额。因此,我们上调安世半导体2025年盈利预测至25.3亿元,同比增长9%。
估值:结合闻泰3Q24业绩及展望,我们下调2024年的业绩预测至人民币11.5亿元,上调2025年盈利预测至26.1亿元。上调目标价至人民币41.6元,潜在升幅15%,对应2025年目标市盈率19.8x。
投资风险:智能手机等消费电子产品需求恢复不如预期。半导体行业基本面周期上行动能不足。国内或海外新能源车行业增长弱于预期。功率行业竞争加剧。公司投入较大,利润承压。 |
6 | 招银国际 | Lily Yang,Kevin Zhang | 维持 | 买入 | Both semi/ODM segments showed turnaround signals with sequential growth | 2024-10-28 |
闻泰科技(600745)
Wingtech released3Q24results and we attended the mgmt.call.Q3revenue wasRMB19.6bn(a record quarterly revenue since2020),up28.7%YoY/12.9%QoQ,beating Bloomberg consensus by16%.GPM was11%vs.9.2%/9.7%in1Q/2Q24,beating consensus of10.5%.Net profit was RMB274mn,turningpositive after Q2loss(-RMB3mn).Both ODM and semiconductor segmentsachieved sequential growth in sales(15%/6%QoQ)and GPM(both up1.8ppt),suggesting the business gradually recovered from the cyclical trough.We reviseup EPS forecast for25/26E by22%/15%on further margin improvement.Maintain BUY with TP adjusted to RMB52,based on25x2025E P/E basedon0.5SD below1-yr historical forward P/E(previously23.5x reflecting1SDbelow)as we think the worst has passed for both segments and turningpoint is in near sight.
Semiconductor sales grew on strong domestic auto demand andseasonal consumer electronics procurement;margin back to40%.3Qsemiconductor sales were RMB3.8bn(20%of3Q revenue),down4%YoYbut up6%QoQ.Revenue mix remained similar(vs.1H24),with autocontributing~60%.For3Q24,1)auto sales increased modestly,with mixedgrowth from domestic(strong)and overseas(weak);2)consumer electronicssales grew by double digits QoQ,driven by soaring computing demand andrecovering personal electronics restocking behaviour due to the upcomingholiday season;3)industrial/power/NE had weaker recovery with mild growthsequentially.Heading into Q4,we anticipate semiconductor sales to decline3%QoQ on seasonality,and Q4GPM to remain stable at40.5%.
Legacy ODM grew with revenue structure improvement;net lossnarrowed.ODM sales was RMB15.7bn in3Q24(80%of3Q revenue),up46%YoY and15%QoQ.Within the segment,smartphone/tablet contributed~50%of revenue(vs.~100%previously).The rest came from homeappliances/auto/IoT sales.Smartphone/tablet business began to profit thisquarter,while home appliances profited for two consecutive quarters.GPMrose to3.8%(vs.2%in2Q24)due to higher ASP,lower BOM costs and betteroperating efficiency.Excluding FX impacts,net loss narrowed in Q3at lessthan RMB10mn vs.RMB42mn in Q2.We expect Q4ODM sales to slightlydecrease2%,a mixed impact from seasonality and platform transition.
Maintain BUY,with TP adjusted to RMB52,based on25x2025E P/Ewhich is0.5SD below1-yr historical forward P/E as both segmentsindicate a turning point towards recovery.Potential risks include:slower-than-expected recovery in demand,heightened China-US trade relations,and unfavorable exchange rates. |
7 | 上海证券 | 马永正,陈凯 | 维持 | 买入 | 半年报点评:终端复苏带动24Q2业务回暖,战略聚焦高端应用助力盈利上修 | 2024-09-11 |
闻泰科技(600745)
投资摘要
事件概述
8月29日,公司发布2024年半年度报告。公司2024H1实现营业收入335.89亿元,同比增长15.01%;归母净利润1.40亿元,同比减少88.78%。
分析与判断
终端去库存&需求复苏同步推进,半导体业务静待盈利回暖。2024H1公司半导体业务实现营业收入70.4亿元,yoy-7.90%,业务毛利率34.95%,实现净利润10.8亿元,yoy-22.40%。2024H1受到汽车功率半导体库存调整周期,公司在经历延续至2024Q1的市场疲软后自2024Q2开始触底反弹。伴随工业、消费电子市场逐渐复苏,以及AI数据中心、服务器等应用领域的需求快速增长,公司同步加快在国产新能源头部企业的市场开拓,产品供应量和单车价值都稳步提升。安世半导体重视研发创新,开发新产品以满足市场对高性能、高功率产品日益增长的需求,公司加快了SiC MOSFET等三代半产品的推出进度,在模拟领域持续推出更多产品料号;在产品成本端,公司加速推进8英寸转12英寸的工艺升级,临港12英寸晶圆厂的产品验证也在有序进行。我们认为,公司持续丰富产品矩阵、逐步响应市场新需求开发高ASP产品有望强化自身在全球功率半导体产业链的地位,同时临港晶圆厂的产能提升&产品验证也将助力公司长期降本,半导体业务的营收及盈利也有望在2024H2及未来持续上修。
战略聚焦高潜力应用领域,持续协同客户开发高端新品。2024H1公司产品集成业务实现营收261.2亿元,yoy+26.68%,毛利率为2.49%。2024H1受新项目价格较低、部分原材料涨价以及工厂人力成本上升等因素影响,2024年上半年产品集成业务实现净亏损8.5亿元。2024H1消费电子各主要终端均有明显回暖,其中据IDC数据显示2024H1全球智能手机出货量5.75亿部,yoy+7.66%,自2023Q4以来连续三个季度同比增长,2024Q2平板及PC也分别实现18%和3%的同比增长,AI驱动的新一轮换机周期下消费电子的复苏有望持续带动公司产品集成业务。在汽车电子及家电领域,公司也在积极拓展头部客户,持续推动订单落地。我们认为,随着公司积极同消费电子客户开展沟通协商,持续提升特定客户笔电份额,并在车载与AIoT、家电等新业务上快速增长,叠加产品价格优化及各项降本增效措施的落实,产品集成业务有望在2024H2迎来全面改善。
投资建议
维持“买入”评级。我们调整公司2024-2026年归母净利润预测至10.68/21.52/32.82亿元,对应同比增速分别为-9.62%/+101.57%/+52.51%,对应EPS分别为0.86/1.73/2.64元,对应PE估值分别为29/15/10倍。
风险提示
终端需求复苏不及预期、订单落地不及预期、行业竞争加剧 |
8 | 招银国际 | Lily Yang,Kevin Zhang | 维持 | 买入 | 1H24 results review: Challenging 1H; looking for recovery in 2H | 2024-09-04 |
闻泰科技(600745)
Wingtech1H24sales were up15%YoY to RMB33.6bn,driven by strong ODMsales(up27%YoY),partially offset by weaker semiconductor sales(down8%YoY).NP declined89%YoY to RMB140mn,as GPM deteriorated to9.5%in1H24(vs.17.6%/14.7%in1H23/2H23).Semi.GPM showed signs of recovery(up7.7ppt in2Q).We expect ODM GPM to improve in2H24to5.0%from2.5%in1H24.We think1H24should likely be the bottom.Maintain BUY,with a newTP of RMB48.
Semi.business showed signs of recovery with6%QoQ revenuegrowth and7.7ppt increase in GPM in2Q.Semi.sales dropped toRMB3.4bn in1Q(-10%YoY/-5%QoQ)but managed to grew6%QoQ toRMB3.6bn in2Q.The weakness was mainly due to a soft demand for autosemi(63%of1H24segment rev.),as the sector was experiencing inventorycorrection.GPM dipped to31.0%in1Q(-2.8ppt/10.7ppt vs.4Q23/1Q23)butrebounded to38.7%in2Q.We expect GPM to maintain at2Q level in2H,considering mixed impacts of1)ongoing inventory digestion in auto market,2)an improving utilization rate,3)a favorable product mix and4)costoptimization.We project segment sales to grow12%YoY and GPM toincrease to40%in2025on lower channel inventory and better demand.
ODM business grew on new orders from overseas clients;mobile-related ASP slid,reflecting a challenging market with consumptiondowngrade trend and intensified competition.ODM revenue grew21%YoY to RMB12.4bn in1Q and another10%QoQ to RMB13.7bn in2Q.However,GPM deteriorated to3%/2%in1Q/2Q(vs.9%for1H23),due tolow-margin orders and rising material/headcount costs.ODM segmentposted a net loss of RMB350mn in1H24.Mgmt.expects NP to breakevenin3Q and turn positive in4Q.We project ODM segment sales to grow12%YoY in2025on better consumer sentiment and GPM to increase to6.3%(still lower than previous8%-10%range),reflecting effective cost controlagainst the backdrop of ongoing consumption downgrade pressure.
Maintain BUY,as the worst is behind.We have lowered our earningsestimates by73%/42%for2024/25E,given the GPM challenges.Weestimate Wingtech’s sales to grow low-teens HoH/YoY in2H24/2025,withgradual margin recovery(up2.8ppt in2H vs.1H,up2.2ppt in2025).Our TPis trimmed to RMB48,based on23.5x2025E P/E,close to1SD below1-yrhist.avg.,reflecting persist challenges from ongoing inventory correction ofpower semi in auto market and consumption downgrade pressure on ODMGPM. |
9 | 天风证券 | 潘暕,李泓依 | 维持 | 买入 | 24H1营收提升,筑牢长期增长基石 | 2024-09-03 |
闻泰科技(600745)
事件:2024年8月29日,闻泰科技发布2024年半年度报告。据报告披露,闻泰科技在2024上半年实现营业收入335.9亿元,同比增长15.01%;归属于母公司的净利润为1.4亿元;归属于上市公司股东的资产371.85亿元,同比增长0.05%。
点评:2024上半年营业收入稳健增长,为长期增长打下良好基础。2024年上半年半导体业务盈利能力显著恢复,表现亮眼,该领域Q2净利润实现环比增长60%;产品集成业务聚焦优质客户营收高增,同比增长达到26.68%。其主要板块状况:1)半导体业务Q2盈利能力环比显著恢复,汽车和工业领域保持领先优势。半导体业务2024H1实现营业收入70.4亿元,净利润达到10.8亿元,净利润Q2环比增长60%;2024H1半导体业务毛利率为34.95%,Q2环比增加7个pct。其中2024H1来自汽车领域营收占比63%,90%的产品都符合车规级标准,所有晶圆厂都通过车规级认证,足以看出汽车领域保持极强的竞争力。同时为了满足市场对高性能高功率的追求,闻泰科技加速推进产品迭代,研发众多优质产品。长期来看公司会继续推进与新客户的深度合作,抓住AI需求增长机遇,提供相应技术支持。2)产品集成业务聚焦优质客户,上半年营收高增,增质提效明显。在消费电子行业弱复苏背景下,公司积极面对挑战,2024H1产品集成业务实现营收261.2亿元,同比增长26.68%,净亏损8.5亿元,研发投入达到11.58亿元。公司多举措降本增效,整合资源配置,其中笔电业务项目盈利进一步改善,家电业务在Q2实现增量并成功盈利。
半导体业务方面,闻泰科技身为全球汽车半导体龙头之一,依然延续了其领先地位,不断投入研发,迭代产品,降本提效,坚持深耕领域,走国际化战略。1)汽车领域依然贡献主要收入,智能化趋势明显。闻泰科技90%的半导体产品符合车规级标准,并通过车规级认证,与汽车行业的主要合作伙伴保持长期合作关系,其半导体业务在汽车领域的收入占比从2021年的44%增长至2024年上半年的63%,显示了其在该领域的强劲竞争力。随着汽车行业电动化和智能化的发展趋势,功率半导体需求激增,将加速市场扩大。2)不断加速产品迭代,保持高研发投入。2024上半年公司半导体业务研发投入达到8.74亿元,并在功率分立器件和模拟IC领域不断创新,扩充产品组合,致力于提供高效率解决方案。晶圆制造和封装测试工厂分布在德国、英国、中国、菲律宾和马来西亚,公司通过自动化改造升级,以更高效率和先进工艺满足全球客户需求,巩固其行业领导者地位。3)客户关系长期稳定,积极把握人工智能大机遇。公司以卓越的产品质量和低故障率成为全球客户的优选供应商,拥有超过2.5万个客户,包括130多家蓝筹公司。公司通过提升研发、营销和服务能力,加强与主要客户的服务和拓展能力,积极开发新客户,特别是在汽车领域与全球TOP车企建立战略合作关系。随着消费电子市场的回暖,公司抓住机遇,开拓国内消费电子客户,为未来业务增长奠定基础。同时,公司关注人工智能领域的功率半导体需求,特别是在低功耗产品方面,其氮化镓、MOSFET、整流器、PMIC和电压转换器等产品在服务器、智能手机、计算机和工业等领域具有明显优势,为人工智能应用提供技术支持。
产品集成业务聚焦优质客户,ASP有所提升,实现上半年营收高增,实施多举措提质增效,取得良好成果。1)营收同比高增,业绩上半年整体承压。公司在消费电子行业弱复苏背景下积极面对挑战,产品集成业务实现营收261.2亿元,同比增长26.68%,净亏损8.5亿元。其中,第一季度与第二季度分别实现营收124.2亿元、137.0亿元,净亏损分别为3.5亿元(含可转债财务费用1.1亿元)、5.0亿元(含可转债财务费用1.1亿元)。2)系统集成能力强大,与产业链合作伙伴深度协同,积极拓展海外市场。公司通过其系统集成业务平台,与数千家供应商合作,在技术迭代和网络制式升级中与合作伙伴协同创新,快速将先进技术普及至更广泛的市场,成为行业引领者,与产业链合作伙伴建立了紧密的合作关系,共同推动行业创新和变革。在手机ODM、平板、笔电、AIoT、家电和汽车电子等业务领域,公司的海外客户占比显著上升,主要客户为全球头部品牌,增强了公司抵御市场波动风险的能力。2024H1海外客户收入占比达到75.71%。3)不断推进产品落地转化,配合客户普及AI运用,推动各业务发展。面对AI技术升级和换机周期的新机遇,公司将围绕"人工智能+"战略,制定清晰的AI产品技术路线图,推动AI技术在手机、平板、笔电、AIoT、家电、汽车电子等领域的普及。手机平板业务方面,韩国大客户业务快速上量,未来量价齐升可期;笔电业务方面,受益于海外市场拓展,2024Q2北美客户快速上量,再加上公司积极推进降本增效,项目盈利能力进一步改善;汽车电子业务方面,智能座舱产品客户顺利拓展,后排屏在新能源头部厂商实现量产与稳定出货,不断拓展业务广度;家电业务方面,开拓了全球小家电巨头客户,多个项目顺利落地,在Q2实现增量并盈利,同时也具备了未来向其他品类拓展的能力。
投资建议:受宏观经济下行等因素影响,欧洲、美洲等地区半导体需求较低。受消费电子市场需求低迷的影响,净利润同比下降较明显,因公司下游产品多涉及功率器件领域,2024年此领域表现不佳,但预计明后年此方面复苏动力较强,因此我们下调本年盈利预测,维持25-26年预测基本不变,预计2024/25/26年公司归母净利润由14.48/23.44/34.79亿元下调至10/23.36/34.70亿元,维持“买入”评级。
风险提示:新应用及新产品拓展不及预期;竞争环境恶化风险;供应商扩产不及预期 |