半导体订单保持充沛，产能提升助力主营发展后劲2024H1 公司新增订单总额为26.86 亿元，其中81.60%的订单来自于存量客户，半导体行业新增业务订单额占比达84.74%，有助于公司在半导体产业不同周期阶段都有较平稳的营收和发展。此外，公司生产场地从0.9 万平米扩展至37 万平米，另有7 万平米建设中，截至2024H1 公司固定资产及在建工程超过26 亿元，产品线布局和产能建设都已能够支持年度百亿订单交付。Incident: The company announced a share repurchase plan, demonstrating the company's long-term development confidence. From September 11, 2024 to September 10, 2025, the company plans to use its own funds and other legal funds to repurchase the company's shares. The total repurchase capital shall not be less than 0.03 billion yuan, no more than 0.06 billion yuan, and the share repurchase price shall not exceed 29.46 yuan/share.
Furthermore, on September 10, 2024, Ms. Jiang Yuan, the controlling shareholder and actual controller of the company, used her own funds to increase her holdings of the company's shares by 0.5001 million, accounting for 0.13% of the company's total share capital. Considering the weak recovery slope of the global semiconductor market, we lowered the company's 2024-2025 profit forecast and added the 2026 profit forecast. The estimated net profit for 2024/2025/2026 is 0.363/0.568/0.69 billion yuan (previous value was 0.556/0.743 billion yuan), and the 2024/2025/2026 EPS is expected to be 0.94/1.47/1.79 yuan (previous value was 1.44/1.92). The PE corresponding to the current stock price is 18.7/12.0/9.8 times As a leading domestic wet process equipment company, the company's market share is expected to increase at an accelerated pace and maintain a “buy” rating under the trend of domestic semiconductor substitution.
Stable business development contributed to improved revenue. Financial and depreciation expenses caused short-term losses in some businesses. 2024H1 achieved revenue of 1.528 billion yuan, YoY +3.23%; net profit to mother of 0.074 billion yuan, YoY -32.19%; deducted non-net profit of 0.068 billion yuan, YoY -17.9%. The year-on-year decline in 2024H1's performance was mainly due to financial costs, depreciation expenses, and short-term losses in the business, which is still climbing. By product business, new orders for process equipment: 2024H1 process equipment reached 0.626 billion yuan, and the delivery and verification progress of machines such as high-temperature sulfuric acid, FIN ETCH, and monolithic phosphoric acid are leading in China. Electronic materials and components: The bulk gas supply plant for the company's second 12-inch fab began supplying gas to customers in 2024H1.
Semiconductor orders remained abundant, and the increase in production capacity helped 2024H1, the main development force, add a total of 2.686 billion yuan in new orders. Of these, 81.60% of orders came from existing customers, and the semiconductor industry accounted for 84.74% of new business orders, which helped the company to have stable revenue and development at different stages of the semiconductor industry. In addition, the company's production site has expanded from 0.009 million square meters to 0.37 million square meters, and another 0.07 million square meters are under construction. As of 2024H1, the company's fixed assets and projects under construction have exceeded 2.6 billion yuan. The product line layout and production capacity construction can support the annual delivery of 10 billion yuan of orders.
Risk warning: The recovery in industry sentiment falls short of expectations, the progress of production expansion falls short of expectations, and technology research and development falls short of expectations.
