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Montage Technology's net profit in the first quarter increased by 1032.86% year-on-year //
On April 25, Montage Technology disclosed its 2024 Q1 performance report, showing that the company's net profit in the first quarter increased by 1032.86% year-on-year. On the same day, Montage Technology rose 2.57%, with a market capitalization of 55.1 billion.
According to the announcement, the company's revenue in the first quarter of 2024 will be about 737 million yuan, an increase of 75.74% year-on-year, and the net profit attributable to shareholders of listed companies will be about 223 million yuan, an increase of 1032.86% year-on-year. In the first quarter, the company's demand for memory interface chips achieved recovery growth, and some new products (such as PCIeRetimer, MRCD/MDB chips) began to be shipped on a large scale, driving the company's operating income and net profit to increase significantly over the same period last year, and in the first quarter, the sales revenue of the company's interconnection chip product line was 695 million yuan, an increase of 68.38% over the same period last year, setting a record high for the sales revenue of the product line in the first quarter.
It is worth noting that on April 10, the company released a performance forecast for the first quarter of 2024. In the first quarter of 2024, the company expects to achieve operating income of 737 million yuan, a year-on-year increase of about 76%, and net profit attributable to the parent company of 210-240 million yuan, a year-on-year increase of about 10-11 times.
For the company's first-quarter performance forecast, Galaxy Securities said that from the perspective of some of the company's new products, including PCIe Retimer, MRCD, and MDB chips, large-scale shipments have begun, among which PCIe Retimer chips have been successfully introduced into AI server procurement projects of mainstream cloud computing and Internet manufacturers at home and abroad. Orient Securities further pointed out that a typical mainstream AI server with 8 GPUs requires 8 or 16 PCIe 5.0 Retimer chips, so the increase in AI server shipments will directly drive the demand for PCIe Retimer chips.
From the perspective of the electronics industry, which also benefited from global AI demand, Shanghai Electric Co., Ltd. released its first quarter report for 2024 on April 22. In the first quarter of 2024, the revenue will be 2.6 billion yuan, an increase of 38% year-on-year, and the net profit attributable to the parent company will be 500 million yuan, an increase of 157% year-on-year. Soochow Securities pointed out that in the first quarter of 2024, benefiting from the growth of domestic demand for high-end PCBs from overseas cloud manufacturers, the company's AI servers and HPC-related PCB products accounted for a significant increase in the proportion of the company's enterprise communication board operating income.
AI end-side landing application acceleration optimistic about AI-driven //
From a domestic point of view, the current AI end-side application is accelerating. On April 11, Huawei released the new MateBook X Pro, which was connected to the Pangu model for the first time, and also introduced the first batch of AI large model partners such as Baidu Wenxin Yiyan, iFLYTEK Xinghuo, and Zhipu Qingyan, equipped with more than 100 AI large model agents, covering various scenarios such as office, learning, creation, and software development, and supporting AI overview, AI insight, AI sound effects, AI subtitles, smart search, AI cutout, WPS AI and other AI experiences. On April 18, Lenovo held a science and technology conference and released a variety of AI PCs, all of which have five major features, including embedded agents with large personal models and natural interaction with users, personal knowledge bases, local heterogeneous AI computing power (CPU/GPU/NPU), open artificial intelligence application ecology, and personal data and privacy security protection.
Looking forward to the second half of the year, Guojin Securities said that there will be many blockbuster AI mobile phones, AI PCs released, on the whole, the electronic fundamentals are gradually improving, the AI model continues to upgrade, AI empowers consumer electronics, is expected to bring new replacement demand, optimistic about AI-driven, demand recovery and independent and controllable benefit of the industrial chain.
Combined with the recent industry financial report data, Guosen Securities said that the market's confidence in the inflection point of the industry's fundamentals has gradually strengthened. The outlook for the second quarter of 2024 still shows no signs of weakening, and the signal on the right side of the domestic semiconductor cycle is becoming clearer, and we are optimistic about the opportunities for plate allocation in the electronics industry. In addition, it is worth mentioning that TSMC revised down the expected growth rate of the output value of the semiconductor industry (excluding storage) this year to about 10% (the previous forecast was more than 10%), but it is still optimistic about AI, and it is expected that the CAGR of server AI processor revenue in the next five years will reach 50%, and the revenue will account for more than 20% in 2028.
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