海外晶圆级封装设备订单开拓公司增长空间：公司近日收到四台晶圆级封装设备的采购订单，均为美国客户。订单设备包括涂胶、显影、湿法蚀刻和刷洗设备，标着这公司在半导体清洗设备领域之外，新的工艺成果得到验证，进一步丰富自身产品线，体现了强大的研发制造和创新能力。Conclusions and recommendations:
The company recently received purchase orders for four wafer-level packaging equipment from overseas customers, including gluing, imaging, wet etching and brushing, marking the company's richer product line in the field of semiconductor equipment and further verifying the company's R&D, manufacturing and innovation capabilities.
Looking forward to the future, thanks to increased demand in the domestic semiconductor equipment market, the company's competitive advantage in the field of cleaning equipment, and the continuous development of new semiconductor equipment products, its performance has the potential to continue to grow rapidly. The company's current stock price is 35 times, 27 times, and 22 times PE for 2024-2026, respectively, and purchase suggestions are given.
Overseas wafer-level packaging equipment orders open up the company's growth space: The company recently received purchase orders for four wafer-level packaging equipment, all from US customers. The ordered equipment includes gluing, imaging, wet etching, and brushing equipment. It indicates that the company's new process results have been verified outside the field of semiconductor cleaning equipment, further enriching its product line, and demonstrating strong R&D, manufacturing and innovation capabilities.
2Q24 revenue increased by 50%, and R&D intensity did not decrease: in the first half of 2024, the company achieved revenue of 2.4 billion yuan, YOY increased by 49.3%; achieved net profit of 0.44 billion yuan, YOY increased 0.9%, and EPS 1.02 yuan. Among them, in the second quarter, the company achieved revenue of 1.48 billion yuan, YOY growth of 49.1%, QOQ growth of 61%, net profit of 0.36 billion yuan, YOY growth of 17.7%, and QOQ growth of 354%. 1H24's R&D expenses increased 63% year-on-year to 0.35 billion yuan, maintaining a high R&D intensity. At the same time, due to the increase in the number of sales and after-sales service personnel, the company's sales expenses and management expenses increased by 86% and 135%, respectively, over the same period last year, putting pressure on the release of performance. In terms of gross margin, the company's comprehensive gross profit margin in the first half of 2024 was 50.7%, down 0.9 percentage points from the same period last year, and is still high overall.
Profit forecast: Looking forward to the future, in addition to being deeply involved in cleaning equipment, the company is actively expanding its product portfolio in the semiconductor equipment field, successively launching electroplating equipment, copper polishing equipment, advanced packaging wet equipment, vertical furnace tube equipment, etc. It also actively lays out in core equipment fields such as advanced glue-coated imaging track equipment and PECVD, creating new growth points for subsequent performance growth. We expect the company to achieve net profit of 1.13 billion yuan, 1.46 billion yuan, and 1.81 billion yuan in 2024-2026. YOY will increase by 24%, 30%, and 24%, respectively, and EPS will be 2.59 yuan, 3.35 yuan, and 4.16 yuan respectively. Currently, the stock price corresponding to 2024-26 PE is 35 times, 27 times, and 22 times, respectively, giving it a buying rating.
Risk warning: Technology disputes are dragging down demand for semiconductor equipment.