减薄设备业务持续突破，新增长点涌现：继量产减薄抛光一体机Versatile-GP300 后，1H24 公司首台减薄贴膜一体机GM300 送国内头部封测企业验证，并且近日已经完成验证，为后续取得批量订单打下坚实基础。在国内外HBM 需求高速增长的背景下，公司把握住行业增长契机，围绕相关应用顺利推出新设备，我们预计从2025 年开始减薄抛光一体设备将对于公司业绩增长形成实质性贡献。 另外，公司在边缘切割设备、化合物半导体的刷片清洗设备领域均有新品布局，业绩增长点也不断涌现。Conclusions and recommendations:
The company recently announced that the GM300, the first all-in-one thinning and laminating machine, has completed verification by leading domestic sealing and testing companies, marking a further enrichment of the company's product matrix for thinning equipment. Focusing on the field of advanced packaging for HBM storage, the company actively lays out all-in-one thinning and polishing machines, all-in-one thinning and coating machines, and edge polishing equipment, which will give full opportunities for the development of China's domestic storage sealing and testing market.
Looking forward to the future, as the CMP (polishing) domestic leader, the company is also actively deploying thinning equipment, wafer recycling business, and third-generation semiconductors. In the future, as the semiconductor industry recovers and domestic wafer production lines expand, the company's performance is expected to continue to grow rapidly. The company's net profit for 2024-26 is expected to be 0.76 billion yuan, 0.99 billion yuan, and 1.32 billion yuan, up 51%, 30%, and 34% year-on-year. EPS is 4.76 yuan, 6.21 yuan, and 8.31 yuan respectively. Currently, the stock price corresponding to 2023-25 PE is 43 times, 33 times, and 25 times, respectively, with purchase suggestions.
The thinning equipment business continues to break through, and new growth points have emerged: after mass production of the Versatile-GP300 thinning and polishing all-in-one machine, 1H24, was sent to leading domestic sealing and testing companies for verification, and verification has recently been completed, laying a solid foundation for subsequent batch orders. Against the backdrop of rapid growth in demand for HBM at home and abroad, the company has seized the opportunity of industry growth and successfully launched new equipment for related applications. We expect that the integrated thinning and polishing equipment will make a substantial contribution to the company's performance growth starting in 2025. In addition, the company has new product layouts in the fields of edge cutting equipment and brush cleaning equipment for compound semiconductors, and performance growth points are constantly emerging.
Domestic substitution is promoted, and the company's revenue is growing rapidly: 1H24. Due to strong demand for local semiconductor equipment, the company's CMP products have gained more customers, and the market share continues to increase. It led the company to achieve revenue of 1.5 billion yuan, YOY increased 21.2%; achieved net profit of 0.43 billion yuan, YOY increased 15.7%, and EPS 2.72 yuan. Among them, in the second quarter, the company achieved revenue of 0.82 billion yuan, YOY increased 32%, achieved net profit of 0.23 billion yuan, and YOY increased 27.9% in a single quarter. In terms of gross margin, 1H24's comprehensive gross profit margin was 46.3%, the same as the same period last year.
Profit forecast: The company's net profit for 2024-26 is expected to be 0.96 billion yuan, 1.27 billion yuan, and 1.57 billion yuan, up 33%, 32%, and 24% year-on-year. EPS is 4.05 yuan, 5.34 yuan, and 6.64 yuan respectively. Currently, the stock price corresponding to 2024-26 PE is 29 times, 22 times, and 18 times, respectively, with purchase suggestions.
Risk warning: Technological friction between China and the US has intensified, and demand for semiconductor equipment falls short of expectations
