Sichuan Injet Electric (300820) 国海证券·2024-09-01 04:30Investment Rating - Buy rating (first coverage) [1] Core Views - The company achieved revenue of 797 million yuan in H1 2024, a year-on-year increase of 23.88%, with net profit attributable to shareholders of 178 million yuan, up 9.17% year-on-year [1] - Semiconductor business revenue surged by 122.55% year-on-year in H1 2024, reaching 185 million yuan, while photovoltaic business revenue grew by 13.79% to 398 million yuan [2] - Gross margin for the semiconductor business increased significantly by 11.05 percentage points year-on-year to 58.81% in H1 2024 [2] - The company's RF power supply business is accelerating, with orders in H1 2024 exceeding the total for 2023, and more models are in the testing phase [2] - The company has made significant progress in overseas photovoltaic orders and is actively expanding into the domestic energy storage market [2] Financial Performance - In Q2 2024, the company achieved revenue of 423 million yuan, a year-on-year increase of 2.85%, and net profit attributable to shareholders of 98 million yuan, down 9.11% year-on-year [2] - Gross margin for H1 2024 was 42.23%, up 3.68 percentage points year-on-year, while net margin was 23.44%, down 1.83 percentage points [2] - R&D expenses increased by 82.52% year-on-year to 63 million yuan in H1 2024 [2] Business Highlights - The company's photovoltaic business is in a period of concentrated revenue recognition, with significant overseas order achievements in H1 2024 [2] - The company has secured batch orders for TOPCON silicon cell power supplies and is testing other technology routes [2] - The company has completed UL and CE certifications for its DC charging piles and achieved overseas sales in H1 2024 [2] Forecast and Valuation - Revenue is expected to reach 2.378 billion yuan in 2024, 2.953 billion yuan in 2025, and 3.638 billion yuan in 2026 [4] - Net profit attributable to shareholders is forecasted to be 586 million yuan in 2024, 778 million yuan in 2025, and 1.011 billion yuan in 2026 [4] - The current price corresponds to a P/E ratio of 15x for 2024, 11x for 2025, and 8x for 2026 [4] Market Data - Current stock price: 38.86 yuan [2] - 52-week price range: 30.66-66.78 yuan [2] - Total market capitalization: 8.577 billion yuan [2] - Average daily trading volume: 156.52 million yuan [2]