沪硅产业：二季度收入环比增长，短期利润承压

Investment Rating - The investment rating for the company is "Outperform the Market" [3][19]. Core Views - The company experienced a revenue of 1.569 billion yuan in the first half of 2024, showing a year-on-year decrease of 0.28%. The net profit attributable to shareholders was -389 million yuan, a significant decline of 307.35% year-on-year. The gross margin decreased by 31.7 percentage points to -10.91% due to a drop in average product prices and increased depreciation expenses from capacity expansion [1]. - In Q2 2024, the revenue reached 845 million yuan, reflecting a year-on-year increase of 9.6% and a quarter-on-quarter increase of 16.5%. However, the net profit attributable to shareholders was -191 million yuan, with a gross margin of -13.67% [1]. - The company is expanding its 300mm semiconductor wafer capacity, which currently stands at 500,000 pieces per month, with plans to increase it to 1.2 million pieces per month through new projects in Shanghai and Taiyuan, with a total investment of 13.2 billion yuan [1]. - The company’s subsidiary, Shanghai Xinxing, achieved a revenue of 952 million yuan in the first half of 2024, a year-on-year increase of 49%, contributing 61% to the total revenue [1]. - The company is also advancing its high-end silicon-based material research and development projects, with a trial production line for 300mm wafers already established [1]. Financial Summary - The company’s projected revenues for 2024-2026 are adjusted to 1.84 billion yuan, 2.80 billion yuan, and 3.82 billion yuan respectively, with corresponding price-to-sales ratios of 10.9x, 8.9x, and 7.6x based on the stock price as of August 29, 2024 [1]. - The financial forecast indicates a revenue of 3.788 billion yuan for 2024, an 18.7% increase from 2023, with a net profit of 184 million yuan, reflecting a slight decrease of 1.5% year-on-year [2][17]. - The company’s gross margin is expected to improve gradually, with projections of 10% in 2024, 14% in 2025, and 17% in 2026 [17].