[Guotai Haitong Communications] Shijia Photonics: H1 Performance in Line with Expectations, Q2 Single-Quarter Revenue and Profit Both Hit Record Highs

English summary

26H1: Revenue 1.495 billion yuan, +50.66% YoY; net profit attributable to shareholders 315 million yuan, +45.30% YoY; non-GAAP net profit 309 million yuan, +44.42% YoY. Gross margin 36%, -1.2 ppts YoY. 26Q2: Revenue 919 million yuan, +65.15% YoY, +59.37% QoQ; net profit attributable to shareholders 199 million yuan, +60.88% YoY, +70.96% QoQ; non-GAAP net profit attributable to shareholders 202 million yuan, +65.73% YoY, +87.93% QoQ. Gross margin 37.47%, +3.34 ppts QoQ, +1.45 ppts YoY. Net margin attributable to shareholders 21.7%, Q1 net margin 20.1%, Q2 scale effects drove profitability up. Q2 operating cash flow net amount 283 million yuan, significantly weakened QoQ, mainly due to business expansion increasing inventory and receivables. By business: 1) Optical chips and devices: Revenue 1.243 billion yuan, accounting for 83.15%, +77.64% YoY. ...