Key points of investment:
Incidents:
The company released a performance forecast. The 2024H1 revenue is expected to be 0.435-0.451 billion yuan, +36.50%-41.50% year-on-year, and the net profit to mother is 0.099-0.103 billion yuan, or +36.06%-41.06% year-on-year. Based on the median calculation, Q2 is expected to achieve revenue of 0.245 billion yuan, +51.35% year over month, and +23.64% month on month; net profit to mother of 0.061 billion yuan, +55.59% year over year, and +53% month on month, exceeding expectations!
PCB equipment benefits from the era of high computing power, and product upgrade & export two-wheel drive companies are at the forefront of the industry in terms of high-end products and globalization. High-end products are in line with the current market structure where demand for computational power PCBs is strong. The company's market share of middle and high-end PCB products continues to increase, while further expanding the product category. We are optimistic that the company will benefit from a significant increase in capital expenses brought about by PCB manufacturers building high multi-layer PCB production capacity. In terms of globalization, the company has increased its market layout in Southeast Asia. The transfer of PCB production capacity will bring about a large demand for equipment, and the company is expected to occupy a larger share of the new supply pattern. We continue to be optimistic that the company's demand for PCB equipment will enter a boom cycle.
The expansion of pan-semiconductor applications continues to deepen, and new products continue to move from verification to batch in the pan-semiconductor field. The company uses technology to drive innovation and product implementation, stand at the cutting edge of the industry, lead the expansion of LDI technology applications, and enrich the product matrix. The company's advanced packaging equipment will maintain a high growth rate in 2024, carrier board equipment will continue to grow steadily, and display equipment will also make good progress. Advanced packaging equipment is particularly suitable for AI computing power chips. As a technology leader, the company connects with customers such as Changdian and Huatian. It is progressing smoothly and has received continuous repeated orders from leading customers.
Profit forecasting and investment advice
We maintain our previous profit forecast. We expect the company's revenue for 2024-2026 to be 1.15/1.56/1.99 billion yuan, net profit to mother 0.267/0.386/0.524 billion yuan, and P/E multiples of 28/20/14 ×, respectively. We believe that the company is in a leading position in technology, while the underlying technology has strong platform extension characteristics and maintains a “buy” rating.
Risk warning
Downstream production expansion progress falls short of expectations, equipment development falls short of expectations, and application development falls short of expectations