赛腾股份：3C+半导体设备高景气，预计中报业绩高增

Investment Rating - The report maintains a "Buy" rating for the company, indicating a projected stock price increase of over 20% relative to the market benchmark within the next six months [19]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of 1.48-1.60 billion yuan in the first half of 2024, representing a year-on-year growth of 42.97%-54.56% [1]. - The integration of AI technology into consumer electronics is anticipated to create structural opportunities, particularly in the 3C device sector, leading to increased demand for production lines and upgrades in assembly and testing methods [2][4]. - The company has made significant strides in the semiconductor equipment sector by acquiring Japan's Optima, enhancing its capabilities in wafer inspection equipment and gaining recognition from clients, which has resulted in bulk equipment orders [4]. - The company is positioned to benefit from the expansion of semiconductor production by major clients, including GCL and others, as it has become a key supplier of wafer measurement equipment [4]. Financial Summary - The company’s revenue is projected to grow from 4.45 billion yuan in 2023 to 5.16 billion yuan in 2024, reflecting a growth rate of 16% [5]. - Net profit is expected to increase from 687 million yuan in 2023 to 827 million yuan in 2024, with a growth rate of 20% [5]. - Earnings per share (EPS) are forecasted to rise from 3.43 yuan in 2023 to 4.13 yuan in 2024 [5]. - The price-to-earnings (P/E) ratio is projected to decrease from 21.1 in 2023 to 17.5 in 2024, indicating improved valuation attractiveness [5]. Performance Expectations - The company is expected to maintain high growth rates, with net profit for the second quarter of 2024 projected to be between 535.5 million yuan and 655.5 million yuan, representing a year-on-year increase of 73%-112% [11]. - For the full year 2024, the net profit is anticipated to reach 8.27 billion yuan, with a forecasted net profit of 6.67-6.79 billion yuan in the second half, reflecting a growth of 22%-24% year-on-year [11].