2Q24 收入及利润同环比保持稳健增长：公司2Q24 实现收入8.16 亿元，QoQ+20%，YoY+32%，归母净利润2.31 亿元，QoQ+14%，YoY+27.9%，公司单季度收入及归母净利润均保持同环比稳健增长，主要原因为公司CMP 装备、配套材料、晶圆再生、技术服务以及湿法装备等市场份额稳步提升。1H24 results are in line with our expectations
The company announced 1H24 results: 1H24 achieved operating income of 1.497 billion yuan, YoY +21.23%, realized net profit due to mother 0.432 billion yuan, YoY +15.65%, achieved net profit deducted from non-mother 0.368 billion yuan, YoY +19.77%, in line with our expectations.
Development trends
2Q24's revenue and profit maintained steady year-on-month growth: The company's 2Q24 achieved revenue of 0.816 billion yuan, QoQ +20%, YoY +32%, net profit of 0.231 billion yuan, QoQ +14%, YoY +27.9%. The company's single quarter revenue and net profit to mother maintained steady year-on-month growth, mainly due to the steady increase in the company's market share of CMP equipment, supporting materials, wafer regeneration, technical services, and wet process equipment.
Continue to promote the development of new products and new processes, and gradually expand the product line: in addition to continuing to develop higher performance and more advanced nodes in the field of CMP equipment, the company continues to expand packaging equipment such as thinning and slicing.
As of 1H24, the company's 12-inch precision wafer thinner, Versatile-GP300, has been ordered in batches, and the all-in-one thinning and laminating machine Versatile-GM300 has been sent to leading domestic sealing and testing companies for verification. The cutting equipment has been sent to many customers for verification. In addition, cleaning equipment, liquid supply systems, and film thickness measurement equipment used in metal processes such as Cu, Al, W, Co, etc. have all been sent to clients for verification, and the product line has gradually expanded.
Actively carry out industrial layout to enhance the localization rate of components: The company focuses on increasing the degree of localization of core semiconductor components. In order to improve core competitiveness and ensure the supply chain security of domestic equipment components, the company established a wholly-owned subsidiary, Huahai Qingke (Guangzhou) Semiconductor Co., Ltd., to build an incubation platform for key components of semiconductor equipment. At the same time, the company has completed the localization development of core components such as spindles and porous suction cups, and some have reached mass production conditions.
Profit forecasting and valuation
We keep the company's profit forecast unchanged. We expect the company to achieve operating income of 3.498/4.436 billion yuan in 2024/2025 and achieve net profit of 0.946/1.218 billion yuan to mother. The current stock price corresponds to the company's 2024/2025 34.1/26.5x P/E. We used the P/E valuation method to value the company, keeping the company's target price unchanged at 167.2 (after exclusion), and corresponding to the company's 2024/2025 41.8/32.4xP/E. There is still 22.8% room to rise compared to the current stock price, maintaining an outperforming industry rating.
risks
Fab capital expenses fell short of expectations, the company's R&D transformation fell short of expectations, and the semiconductor industry cycle declined.
