24H1 毛利率环比明显回升，高研发投入短期压制利润端表现24H1 公司归母净利润和扣非归母净利润分别为-987 和-1610 万元，24H1 销售净利率和扣非销售净利率分别为-3.55%和-5.79%，分别同比-5.36 和-5.10pct，利润端短期承压。1）毛利端：Incident Overview
The company released its 2024 mid-year report.
The 24Q2 revenue side was better than previously anticipated. Product delivery was +65%. 24H1 achieved revenue of 0.278 billion yuan, +35% year over year, of which Q2 was 0.163 billion yuan, +50% year over year, better than previous expectations. By business: 1) Precision laser equipment: 24H1's revenue was 0.202 billion yuan, +45% year over year. Among them, semiconductors, new electronics, panel displays, and new energy sectors achieved revenue of 1.07, 0.47, 0.13, and 35 million yuan respectively, +75%, +10%, -13%, and +71%, respectively. Orders in the semiconductor sector actually accelerated. 2) Lasers: 24H1 achieved revenue of 15.76 million yuan, or -18% over the same period. The main reason was intense market competition. Among them, lasers such as picosecond, femtosecond, and adjustable pulse width accounted for 63% of revenue. At 24H1, the final company had inventory of 0.566 billion yuan, +35% year on year, of which 0.327 billion yuan of goods were issued, +65% year over year. If we assume that the gross margin of the issued product is 50%, the corresponding product value can reach about 0.65 billion yuan. Considering that Q3-Q4 is the peak revenue confirmation season for the company, we are optimistic about 24H2's revenue growth elasticity.
24H1 gross margin rebounded markedly month-on-month, with high R&D investment suppressing the profit side showing that 24H1's net profit to mother and net profit after deduction was -987 million yuan and -16.1 million yuan, respectively. 24H1 net sales interest rate and net non-sales interest rate were -3.55% and -5.79%, respectively, -5.36 and -5.10pct, respectively. The profit side was under short-term pressure. 1) Mowry end:
The gross margin of 24H1 sales was 48.05%, -1.55pct year on year. The performance is still excellent. We judge that it is mainly due to changes in product structure. By product, the gross margin of 24H1 precision laser equipment and lasers was 48.32% and 51.04%, respectively, up from 23 years (44.88% and 48.58%); 2) Expense side: the cost rate during the 24H1 period was 51.98%, +1.25pct year on year, of which R&D expenses were 66 million yuan, +39% year on year, R&D cost ratio 23.72%, +0.73 pct year on year, continued high R&D investment.
Laser precision processing platform-type leader, continues to break through rapidly in many fields 1) SiC: Successfully developed SiC ingot slicing technology in 2022 and obtained batch orders from leading customers in 2023; 2) Micro LED:
Laser mass transfer equipment received the first customer order in 2022, and new customer orders were successfully implemented in 2023, and a full range of solutions such as laser peeling, massive transfer, laser repair, and massive welding were launched; 3) Advanced packaging: layout began in 2021. In 2023, on the basis of laser slotting (low-k) and wafer marking, the focus was on developing laser fine processing equipment such as glass through-hole (TGV), module drilling (TMV), and laser unbonding. Related new products have been ordered and shipped; 4) Perovskite: Launched second-generation perovskite in 2023 The entire production equipment for thin-film solar cells was obtained, and the first batch of orders from leading customers, GW Line, and some new customer orders were obtained.
Investment advice
Considering the company's equipment inspection and R&D investment pace, we adjusted the 2024-2026 revenue to be $8.19, 10.95, and 1.03 billion yuan (original value of 7.07, 8.52, and 1.10 billion yuan), +41%, +34%, and +28% year-on-year, and adjusted net profit to mother for 2024-2026 to 0.72, 1.11, and 163 million yuan (original value of 0.69, 0.97 million yuan, and 133 million yuan), +85%, +47% year-on-year, adjusted 2024-2026 The annual EPS was 0.70, 1.08, and 1.58 yuan (the original value was 0.67, 0.94, and 1.29 yuan), and the 2024/8/30 stock price was 21.12 yuan, corresponding to PE 30, 20, and 13 times, maintaining an “gain” rating.
Risk warning
The semiconductor industry's boom is declining, new business & customer expansion falls short of expectations, etc.
