On July 10, Glonhui reported that Amlogic (688099.SH) announced its performance forecast for the first half of 2024. Since the beginning of the year, the market in which the company operates has gradually recovered. The company seized favorable factors in the market and adopted an active sales strategy, maintaining high growth rates of sales revenue and profit: Achieved a revenue of around 3.016 billion yuan in the first half of 2024, a year-on-year increase of about 28.32%; achieved a net income attributable to the mother company's owner of around 0.362 billion yuan, a year-on-year increase of around 95.98%. Among them, the company achieved a revenue of around 1.638 billion yuan in the second quarter, a year-on-year increase of around 24.51% and a quarter-on-quarter increase of around 18.81%; achieved a net income attributable to the mother company's owner of around 0.234 billion yuan, a year-on-year increase of around 51.97% and a quarter-on-quarter increase of around 83.82%. In the second quarter of 2024, the company's sales revenue achieved a new high for a single quarter, and the trend of a new round of growth is obvious.
Recently, the market performance of the company's new products has continued to improve: (1) The T-series products have continuously achieved breakthroughs in important customers and markets, with a year-on-year increase in sales revenue of about 70% in the first half of the year; (2) After the first Wi-Fi 6 product of the W-series was launched, it quickly gained market recognition and orders increased rapidly. In the second quarter, the shipment volume of W-series products accounted for more than 8% of the company's overall shipment volume, and with the rapid iteration of the W-series products and the launch of series products, its sales speed will further improve; (3) After the 6nm commercial chip based on the new generation ARMV9 architecture and self-developed edge AI capability was successfully taped out, the company has obtained the first batch of commercial orders; (4) The company's 8K chip performed well in the first batch of commercial tendering by domestic operators.