靶材订单持续增加半导体零组件开始放量，1H24公司业绩超预期。公司预计2024年上半年实现营业收入约16.13亿元，较上年同期增长约34.75%。根据公司2024年半年度业绩预告，2Q2024公司单季度预计实现归母净利润9334.27-10864.16万元，同比-3.78%-+11.99%。预计二季度单季度实现扣非后的归母净利润9223.60-10753.49万元，同比+49.33%-74.09%。1H2024公司业绩同比大幅提升，主要系公司持续增加研发和产能的投入，拓宽在高纯溅射靶材领域的护城河，积累核心技术，持续扩大在海内外客户端的份额，国内晶圆厂稼动率持续提升，溅射靶材订单持续增加，公司收入和利润均实现同比增长。根据公司公告，预计公司1H2024的非经常性损益金额约为-943.04万元，主要系公司战略投资的中芯国际、芯联集成股票公允价值变动和政府补助等因素的综合影响。Brief performance review
The company disclosed its 2024 semi-annual results forecast on July 16, 2024. The first half of 2024 is expected to achieve revenue of 1.613 billion yuan, an increase of about 34.75% over the same period last year. 1H2024 is expected to achieve net profit of 0.153-0.168 billion yuan, +0.00%-10.00% year-on-year. The estimated net profit after deduction is 0.162-0.178 billion yuan, +66.03%-81.67% year-on-year.
Management analysis
Orders for target materials continued to increase, and the volume of semiconductor components began to be released, and 1H24's performance exceeded expectations. The company expects to achieve revenue of about 1.613 billion yuan in the first half of 2024, an increase of about 34.75% over the same period last year. According to the company's 2024 semi-annual performance forecast, the 2Q2024 company is expected to achieve net profit of 93.3427-108.6416 million yuan in a single quarter, -3.78% -+11.99% year-on-year. Net profit of 92.236-107.5349 million yuan after deduction in the second quarter is expected to be 92.236-107.5349 million yuan, +49.33%-74.09% year-on-year. 1H2024's performance increased significantly year-on-year, mainly because the company continued to increase investment in R&D and production capacity, broadened the moat in the field of high-purity sputtering targets, accumulated core technology, and continued to expand its share of domestic and foreign clients. The operating rate of domestic wafers continued to increase, sputtering target orders continued to increase, and the company's revenue and profit increased year-on-year. According to the company's announcement, the company's non-recurring profit and loss amount for 1H2024 is estimated to be about -9.4304 million yuan, mainly due to the combined impact of factors such as changes in the fair value of the company's strategic investments in SMIC and SMIC integrated stocks and government subsidies.
Based on the sputtering target business, the company strategically lays out semiconductor precision components to help the industrial chain be autonomous and controllable. Overseas restrictions on the semiconductor industry in mainland China continue to expand, domestic equipment is being verified and introduced at an accelerated pace, and semiconductor equipment and components continue to benefit from domestic substitution.
1H2024's multiple production bases have been completed and put into operation. Relying on the accumulated technical accumulation and customer advantages of semiconductor targets, the company continues to expand its product line and complete technical research on a large number of new products. Liaobu progressed from the trial stage to mass production, and sales of semiconductor precision component products continued to expand.
Profit Forecasts, Valuations, and Ratings
We revised our profit forecast. We expect to achieve net profit of 0.371/0.485/0.632 billion yuan (yoy +45%/31%/30%) from 24 to 26, respectively. The previous value was 0.341/0.459/0.626 billion yuan (yoy +34%/36%), corresponding to the current EPS of 1.40 yuan, 1.83 yuan, and 2.38 yuan, respectively. The corresponding PE is 37, 28, and 22 times, respectively, to maintain the “buy” rating.
Risk warning
The risk that downstream demand will fall short of expectations; the risk of increased market competition; the risk of exchange rate fluctuations; the risk of the ban on restricted shares being lifted; and the risk of majority shareholders' pledges.
