业绩稳定增长，单季度利润环比短期承压，弱化短期业绩波动。公司预计2024 年上半年实现营收1.85 亿元，同比增长约20.11%，其中Q2 实现营收约1.03 亿元，同环比均增加25.61%；实现归母净利润1360 万元，同比增加22.32%，其中Q2 实现归母净利润609 万元，同比减少19.66%，环比减少18.91%。国内半导体行业总体呈复苏趋势，下游厂商需求回暖，公司在先进封装领域的销售额持续提高，营收表现出良好的增长趋势。Incidents:
On July 23, Essen Co., Ltd. issued a voluntary disclosure announcement for the 2024 semi-annual results forecast. The company expects to achieve revenue of 0.185 billion yuan in the 2024 semi-year, an increase of 20.11% over the previous year, and realized net profit to mother of 13.6 million yuan, an increase of about 22.32% over the previous year.
Comment:
Performance grew steadily, and profit in a single quarter was under short-term pressure compared to the short-term, weakening short-term performance fluctuations. The company expects to achieve revenue of 0.185 billion yuan in the first half of 2024, up 20.11% year on year. Among them, Q2 achieved revenue of about 0.103 billion yuan, an increase of 25.61% year on year; realized net profit of 13.6 million yuan, up 22.32% year on year. Of these, Q2 realized net profit to mother of 6.09 million yuan, a decrease of 19.66% year on year and 18.91% month on month. The domestic semiconductor industry is generally recovering, demand from downstream manufacturers is picking up, the company's sales in the field of advanced packaging continue to increase, and revenue is showing a good growth trend.
In order to expand product coverage, the company has increased R&D investment. Research projects include various projects such as advanced PSPI materials for wafer manufacturing/packaging, copper plating additives for the Damascus copper interconnection process, copper plating additives for advanced packaging, and cleaning solutions for the copper process of wafer manufacturing. High R&D expenses affect the company's short-term profits. As related products gradually enter the mass production stage, the company's performance is expected to improve significantly due to scale effects.
New products continue to expand, and mass production began in the second half of the year. The company focuses on the field of semiconductor manufacturing and packaging with electroplating solutions and supporting reagents as the core, and continuously expands its product line. In terms of electroplating solutions and supporting reagents, the company's various products such as copper plating base liquid for packaging, tin silver plating additives, and electroplating copper additives have been verified by many customers such as Huatian and Changdian. Copper plating additives for the Damascus copper interconnection process in the wafer field, ultra-high purity cobalt sulfate in advanced manufacturing processes, and cleaning solutions for the copper process in wafer manufacturing have all completed relevant customer verification and begun the batch supply phase. In terms of photoresists and supporting reagents, the company used special process photoresists such as advanced packaging negative photoresists, OLED array manufacturing photoresists, and PSPI for wafers as breakthroughs, covering application fields such as wafer manufacturing, advanced packaging and display panels, successfully breaking foreign monopolies, and will gradually enter the domestic substitution process.
Covered for the first time, a “gain” rating was given. I am optimistic that the company will continue to introduce new products in the field of electroplating solutions and supporting reagents, photoresists and supporting reagents, and achieve rapid growth in performance. The company is expected to achieve revenue of 0.444/0.546/0.662 billion yuan in 2024-2026, net profit to mother of 0.053/0.068/0.092 billion yuan, and corresponding EPS of 0.6/0.77/1.05 yuan, respectively.
Risk warning: Valuation and profit forecasts fall short of expectations; downstream demand falls short of expectations.
