Core views:
24Q2 performance grew rapidly month-on-month, and new businesses led to a steady increase in revenue. The company published its 24-year semi-annual report. 24H1, the company's revenue is 2.404 billion yuan, YoY +49.33%, mainly due to continued strong demand for equipment in the Chinese semiconductor industry. The company's revenue continues to grow with the advantages of core technology and product diversification. The company has achieved remarkable results in new customer expansion and new market development, successfully opened up new markets and developed multiple new customers, increasing overall revenue. The company's new products gradually gained customer recognition, and revenue grew steadily; net profit to mother of 0.443 billion yuan, YoY +0.85%; gross profit margin 50.68%, YOY-0.92pct; net interest rate 18.44%, YOY-8.86pct; contract debt was 1.042 billion yuan, an increase of 0.106 billion yuan over the first quarter report. 24Q2, company revenue 1.483 billion yuan, YoY +49.14%, QoQ +60.9%; net profit to mother 0.363 billion yuan, YoY +17.66%, QoQ +352.71%; gross profit margin 53.39%, YoY+3.65pct, QoQ+7.07pct; net profit margin 24.49%, YOY-6.55pct, QoQ+15.78pct.
Product diversification is progressing rapidly, and domestic and foreign market expansion is making remarkable progress. According to the company's 2016 semi-annual report, the company has formed leading technologies and product lines such as semiconductor cleaning series/electroplating/vertical furnace tube/advanced packaging wet/track technology and PECVD technology, and has developed into one of the few semiconductor equipment vendors with certain international competitiveness in mainland China. The company has established extensive cooperation with new customers at home and abroad, and product progress has been remarkable in 24 years. In March, 4000 chambers of wet processing equipment were successfully delivered, and in May, the company launched framed wafer cleaning equipment for advanced packaging. According to the company's “Notice on Voluntary Disclosure of 2024 Business Performance Forecast Adjustments”, the company revised its 24-year revenue forecast to 5.3-5.88 billion yuan. The company has made significant progress in expanding its business in domestic and foreign markets. By strengthening cooperative relationships with existing customers and developing new customers, it has successfully obtained many important orders.
Profit forecasting and investment advice. The company's net profit for 24-26 is expected to be 1.236/1.689/2.166 billion yuan, maintaining the view that the company has a reasonable value of 145.74 yuan/share and maintaining a “buy” rating.
Risk warning. The industry cycle fluctuates; customer expansion falls short of expectations; market competition intensifies.