凯盛科技：需求承压，新业务有望突破

Investment Rating - The investment rating for the company is "Buy" and it is maintained [4]. Core Views - The company reported a revenue of 2.217 billion in the first half of 2024, a decrease of 9.6% year-on-year. The net profit attributable to shareholders was 0.042 billion, down 47.6% year-on-year, and the net profit after deducting non-recurring items was -0.03 billion, a decline of 266.5% [4][5]. - In Q2, the company achieved a revenue of 0.954 billion, a decrease of 19.5% year-on-year, with a net profit attributable to shareholders of 0.028 billion, down 43.1% year-on-year, and a net profit after deducting non-recurring items of 0.001 billion, a decline of 97.8% [4][5]. - The new materials segment is expected to see breakthroughs, with the completion of the construction and installation of the semiconductor silica production line, and the development of high-purity spherical silica materials for various applications [5]. - The new display segment is also making progress, with the completion of infrastructure for ultra-thin flexible glass and the successful trial production of samples for various products [5]. - The company anticipates an expansion in its new materials business and expects net profits of 0.12 billion and 0.19 billion for 2024 and 2025, respectively, corresponding to PE ratios of 107 and 66 times [5]. Summary by Sections Financial Performance - The company reported a total revenue of 5.010 billion for 2023, with projections of 4.339 billion for 2024 and 5.001 billion for 2025. The gross profit is expected to increase from 664 million in 2023 to 960 million in 2025 [9]. - The net profit attributable to shareholders is projected to rise from 107 million in 2023 to 192 million in 2025 [9]. Business Segments - The new display segment experienced a revenue decline of 32.9%, while the application materials segment saw a decrease of 23.2% in the first half of 2024 [4]. - The gross margin for the application materials segment decreased by 2.2 percentage points to 18.8%, while the new display segment's gross margin improved by 6.6 percentage points to 14.4% [4]. Future Outlook - The company is focusing on expanding its new materials product lines and expects significant growth in the UTG cover glass segment [5]. - The anticipated completion of the semiconductor silica production line and the development of new high-performance materials are expected to drive future revenue growth [5].