Sichuan Injet Electric (300820) 光大证券·2024-09-04 03:12Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 38.86 RMB [2][4] Core Views - The company's revenue for H1 2024 reached 797 million RMB, a year-on-year increase of 23.88%, with net profit attributable to shareholders of 178 million RMB, up 9.17% [1] - The photovoltaic (PV) sector contributed 398 million RMB in revenue, a 13.79% increase, while the semiconductor sector saw a significant 122.55% growth, reaching 185 million RMB [1] - The company's contract liabilities stood at 1.247 billion RMB, indicating strong future revenue potential, and inventory remained high at 1.849 billion RMB [1] - The company has secured significant orders for semiconductor power supplies, with some models already in mass production, and has successfully obtained UL and CE certifications for its charging pile products, opening up overseas markets [1] Financial Performance - The company's revenue for H1 2024 was 797 million RMB, with a net profit of 178 million RMB, and a gross margin of 31.31% in the PV sector, down 2.55 percentage points year-on-year [1] - The semiconductor sector achieved a gross margin of 58.81%, up 11.05 percentage points year-on-year [1] - The company's EPS for 2024-2026 is projected to be 2.47, 3.01, and 3.55 RMB, respectively, with corresponding P/E ratios of 16, 13, and 11 times [2] Business Segments - In the PV sector, the company has a market share of over 70% in PV equipment power supplies, and it has secured batch orders for TOPCon technology-based power supplies, which are expected to support steady growth [1] - The semiconductor sector is rapidly growing, with the company receiving bulk orders for RF power supplies used in semiconductor etching and PECVD processes, and more models are in the testing phase for future mass production [1] - The charging pile business is gaining momentum, with the company's AC charging piles widely used in the domestic market and becoming the first in China to pass UL certification in the US, while DC charging piles have also received UL and CE certifications, securing large overseas orders [1] Valuation and Forecast - The company's revenue is expected to grow from 2.903 billion RMB in 2024 to 3.481 billion RMB in 2026, with net profit projected to increase from 664 million RMB to 783 million RMB over the same period [3] - The company's ROE is forecasted to remain stable at around 20-21% from 2024 to 2026, with a P/B ratio decreasing from 3.3 to 2.3 over the same period [3]