KINGSEMI(688037) 华创证券·2024-09-01 07:13Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 83.2 CNY, compared to the current price of 62.17 CNY [1]. Core Insights - The company achieved a steady revenue growth in Q2 2024, with a revenue of 449 million CNY, representing a year-on-year increase of 10.31% and a quarter-on-quarter increase of 84.02%. The gross margin was 40.18%, slightly down from the previous year [2][1]. - The company signed new orders worth 1.219 billion CNY in H1 2024, a year-on-year growth of approximately 30%. The backlog of orders exceeded 2.6 billion CNY, marking a historical high [2]. - The domestic semiconductor equipment market is experiencing accelerated localization, with the company positioned as a leading provider of mid-to-high-end production-type coating and developing equipment, which is expected to enhance its market share [2]. - The company is increasing its R&D investment to build core competitive advantages and expand its product matrix, which is anticipated to open up growth opportunities [2]. Financial Summary - For H1 2024, the company reported total revenue of 694 million CNY, a slight decrease of 0.29% year-on-year. The net profit attributable to the parent company was 76 million CNY, down 43.88% year-on-year [1]. - The financial projections for the company are as follows: - Total revenue is expected to grow from 2.088 billion CNY in 2024 to 3.777 billion CNY in 2026, with year-on-year growth rates of 21.6% and 35.1% respectively [3]. - Net profit is projected to increase from 298 million CNY in 2024 to 562 million CNY in 2026, with corresponding growth rates of 19.0% and 36.5% [3].