Yoke Technology(SZ:002409) Minsheng Securities·2024-07-11 03:00Investment Rating - The report maintains a "Recommended" rating for the company [1][2]. Core Views - The company is expected to achieve a historical high net profit attributable to shareholders of between 512 million to 580 million yuan in the first half of 2024, representing a year-on-year growth of 50% to 70% [1]. - The growth is driven by increased demand in the LNG market and a recovery in the semiconductor materials sector, with significant sales growth in both areas [1]. - The company's precursor business is progressing positively, with core clients expanding production, which presents substantial growth opportunities [1]. - The LNG business has a strong order backlog, and sales of photoresists are steadily increasing due to recovering demand in the display panel industry [1]. Financial Forecasts - The company is projected to achieve net profits of 1.14 billion, 1.40 billion, and 1.70 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding PE ratios of 29, 23, and 19 [2][6]. - Revenue is expected to grow from 4.74 billion yuan in 2023 to 10 billion yuan by 2026, with growth rates of 11.2%, 47.7%, 20.0%, and 19.0% for the respective years [2][6]. - The gross profit margin is projected to improve from 31.33% in 2023 to 34.50% in 2026, indicating enhanced profitability [6]. Business Segments - The semiconductor materials platform is experiencing significant growth, particularly in Q2 2024, with net profit expected to reach between 266 million to 334 million yuan, marking a year-on-year increase of 78.6% [1]. - The precursor business is seeing positive feedback from testing with major semiconductor manufacturers, which is expected to drive future sales growth [1]. - The LNG segment is benefiting from increased demand for large transport orders and successful production line trials [1].