Incident Overview

On the evening of August 26, the company disclosed its 2024 semi-annual report. The company's revenue for the first half of 2024 was 0.126 billion yuan (+5.80% YoY), net profit to mother was 0.016 billion yuan (+97.99% YoY); 2024Q2 The company's revenue for the single quarter was 0.063 billion yuan (+2.23% YoY, +0.33% YoY), and net profit to mother was 0.007 billion yuan (+31.38% YoY, -27.14% YoY) ).

Analysis and judgment

The company continues to promote cost reduction and efficiency, and increase product gross profit. The company achieved a gross sales margin of 43.29% in 2024Q2, up 4.05 percentage points year on year and 4.00 percentage points month on month.

In the first half of 2024, the company adopted a number of measures to vigorously promote quality and efficiency — in terms of products, the company iteratively upgraded various products, which not only improved product performance, but also effectively reduced product costs; in terms of production management, the company introduced automated and intelligent process equipment and improved the flexibility and flexibility of production lines to meet the needs of multiple varieties and small batches, thereby improving overall production efficiency.

The company is rapidly expanding its product line, which is expected to meet more market application needs and further promote domestic replacement of industrial cameras. In the first half of 2024, the company added nearly 40 new product models, including 15 new models for line scan cameras and 14 new models for surface scan cameras, enriching the resolution pixel ladder and improving the interface configuration. At the same time, the company's newly launched 2.5D photometric stereoscopic cameras, intelligent focus systems, and glitch detection units have been verified by leading terminals or equipment vendors in corresponding fields, and are expected to enter the market harvest period in 24H2.

The company increased market expansion in new application fields, and the overall number of customers increased. Electronics manufacturing, new displays, and new energy are the company's main downstream application industries. In the first half of 2024, the electronics manufacturing, new display, and new energy sectors accounted for 35.83%, 18.89%, and 23.10% of revenue, respectively. The semiconductor and biomedical sector is the company's newly developed application market. The first half of 2024 showed impressive results — the semiconductor sector's revenue increased 149.05% year on year, and the biomedical sector's revenue increased 452.01% year on year. In terms of customer development, the company continued to invest. As of the first half of 2024, the company's marketing team reached 101 people, an increase of 65.57% over the previous year, driving the company's overall number of customers to rise (416), an increase of 74.79% over the previous year.

Investment advice

Maintain an “Overweight” rating. We adjusted the company's 2024-2026 net profit forecast to 0.042/0.061/0.086 billion yuan. The year-on-year growth rate was +166.25%/+45.25%/+41.19%, and the corresponding PE valuation was 43/29/21 times.

Risk warning

The risk of insufficient capacity for continuous technological innovation, international trade frictions, and increased industry competition.