Leadmicro(688147) Changjiang Securities·2024-09-05 02:39Investment Rating - The investment rating for the company is "Buy" and it is maintained [2][4]. Core Views - The company reported a revenue of 787 million yuan for the first half of 2024, representing a year-on-year growth of 105.97%, while the net profit attributable to the parent company was 43 million yuan, down 37.51% year-on-year [2][3]. - The company has a strong order backlog of 8.085 billion yuan as of June 30, 2024, which includes 6.667 billion yuan in solar orders and 1.344 billion yuan in semiconductor orders, indicating robust future performance [3][4]. - The semiconductor sector continues to expand, with significant growth in ALD and CVD equipment orders, particularly from the storage sector, which accounts for over 75% of new orders [4]. Financial Performance - In Q2 2024, the company achieved a revenue of 616 million yuan, a year-on-year increase of 101.20%, while the net profit attributable to the parent company was 39 million yuan, down 43.62% year-on-year [2][3]. - The gross margin for the first half of 2024 was 38.40%, with solar equipment gross margin at 37.26% and semiconductor equipment gross margin at 37.45% [3]. - R&D expenses reached 230 million yuan, a year-on-year increase of 134.05%, accounting for 29.15% of revenue, which contributed to the decline in net profit [3][4]. Future Outlook - The company is expected to achieve net profits of 415 million yuan and 596 million yuan for 2024 and 2025, respectively, corresponding to PE ratios of 23 and 16 times [4]. - The company is actively expanding its product offerings in the semiconductor field, with ongoing developments in various advanced technologies [4].