Shanghai Sheng Jian Environment Technology (603324) 华安证券·2024-09-05 04:08Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in the first half of 2024 is under pressure due to acceptance rhythm, while it continues to expand into new directions for equipment and materials [1] - The company reported a revenue of 664 million yuan for the first half of 2024, a year-on-year decrease of 14.08%, and a net profit attributable to shareholders of 66 million yuan, also down 14.02% year-on-year [1] - The gross margin improved to 29.38%, up 1.13 percentage points year-on-year, while the net profit margin remained stable at 9.98% [1] - The company is focusing on semiconductor-related equipment and materials, with significant growth in the semiconductor display segment, which saw a revenue increase of 485.03% year-on-year [1][2] Financial Performance Summary - For 2024, the company is projected to achieve revenues of 2.214 billion yuan, with a year-on-year growth of 21.2%, and a net profit of 211 million yuan, reflecting a growth of 27.3% [2][3] - The gross margin is expected to improve from 26.6% in 2023 to 27.9% in 2024, indicating a positive trend in profitability [2][4] - The earnings per share (EPS) forecast for 2024 is 1.4 yuan, with a price-to-earnings (P/E) ratio of 17 times [2][3] Business Development - The company is actively developing several semiconductor display stripping liquids, etching liquids, and cleaning liquids, and is expanding its product categories [2] - Collaboration with Nagase ChemteX Corporation on advanced packaging RDL photoresist stripping liquids has been furthered [2] - The construction of the electronic specialty materials R&D and manufacturing project in Hefei is progressing steadily, aiming to enhance the company's operational capabilities [2]