CRM(688396) 华创证券·2024-09-09 04:06Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [2][14]. Core Views - The semiconductor industry is showing signs of recovery, with demand in consumer electronics rebounding and automotive electronics providing new growth momentum. The company's IDM and foundry model is driving stable revenue growth [2]. - The company is increasing its R&D investment to enhance product high-end transformation and expand into the new energy sector, with 39% of its product and solution business now in this area [2]. - Key projects, including two 12-inch production lines and a packaging testing base, are progressing steadily, supporting the company's long-term development [2]. - The company's revenue for 2024H1 was 4.76 billion yuan, down 5.36% year-on-year, while Q2 revenue was 2.644 billion yuan, up 24.98% quarter-on-quarter [1][2]. Financial Summary - Total revenue for 2023 is projected at 9.901 billion yuan, with a year-on-year growth rate of -1.6%. For 2024, revenue is expected to increase to 10.904 billion yuan, reflecting a growth rate of 10.1% [3]. - The net profit attributable to the parent company for 2023 is estimated at 1.479 billion yuan, with a significant decline of 43.5%. The forecast for 2024 is adjusted to 1.004 billion yuan, a decrease of 32.1% [3]. - Earnings per share (EPS) for 2024 is projected at 0.76 yuan, with a price-to-earnings (P/E) ratio of 47 [3].