全年来看，我们预计营收增速贡献主要来自泛半导体业务，主要是得益于半导体行业市场需求回暖导致公司订单同步向好。考虑下游需求，我们预计食品业务和医药行业与去年同期基本持平。Revenue and profit grew steadily in the first half of the year, and the pan-semiconductor business contributed to the growth rate. The company achieved revenue of 1.418 billion yuan in the first half of '24, +11.83% year-on-year, and realized net profit to mother of 0.14 billion yuan, or +26.91% year-on-year. By business area, the pan-semiconductor business achieved revenue of 0.447 billion yuan in the first half of the year, an increase of 48.01% over the previous year. Revenue from the food business was 0.803 billion yuan, the same as the previous year. Pharmaceutical business revenue was 0.169 billion yuan, a slight increase of 2.76% year over year.
Overall gross margin remained at the same level as last year. In the first half of '24, the company achieved a gross profit margin of 22.57%, a slight increase of 0.74 pcts over the previous year. By business, the pan-semiconductor business had a gross profit margin of 28.34%, a slight decrease of 1.44 pcts. The gross profit margin of the food business was 22.74%, up 3.36 pcts year over year.
The gross profit margin of the pharmaceutical business was 31.67%, down 10.65 pcts year over year.
Looking at the whole year, we expect the main contribution to revenue growth from the pan-semiconductor business, mainly due to the recovery in market demand in the semiconductor industry, which has led to a simultaneous improvement in company orders. Considering downstream demand, we expect the food business and pharmaceutical industry to be roughly the same as in the same period last year.
Profit forecast and investment advice: Based on the above, we expect the company's 24-26 revenue to be 3.043/3.635/4.36 billion yuan, and net profit to mother of 0.309/0.416/0.543 billion yuan, with year-on-year growth rates of 31.03%, 34.72%, and 30.43%, corresponding to the 24-25 PE of 22/17X, maintaining the “recommended” rating.
Risk warning: The downstream semiconductor verification process falls short of the expected risk, the downstream demand in the food and pharmaceutical business falls short of the expected risk, and competition increases the risk.
