北方华创：1H24业绩高增，盈利能力持续向好

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 390.96 RMB [8]. Core Insights - The company is expected to achieve significant revenue growth in the first half of 2024, with projected revenues between 114.1 billion to 131.4 billion RMB, representing a year-over-year increase of 35.40% to 55.93%. The net profit attributable to shareholders is forecasted to be between 25.7 billion to 29.6 billion RMB, reflecting a year-over-year growth of 42.84% to 64.51% [2][5]. - The company's semiconductor equipment business is gaining market share, and its gross margin is improving due to a combination of revenue growth and decreasing expense ratios. The net profit margin for Q2 is reported at 25.5%, up by 6.4 percentage points quarter-over-quarter [2][3]. - The report highlights the company's strong order intake, with new orders exceeding 300 billion RMB in 2023, primarily from the integrated circuit sector, which accounts for over 70% of the total [4]. Summary by Sections Financial Performance - In Q2 2024, the company achieved revenues of 55.5 billion to 72.8 billion RMB, a year-over-year increase of 21.85% to 59.83%. The net profit attributable to shareholders ranged from 14.43 billion to 18.33 billion RMB, with a year-over-year growth of 19.54% to 51.83% [3]. - The company’s revenue projections for 2024, 2025, and 2026 have been adjusted to 305 billion, 411 billion, and 516 billion RMB respectively, with corresponding net profits of 57.7 billion, 79.9 billion, and 100.9 billion RMB [5]. Market Position and Strategy - The company is benefiting from a platform-based strategy that enhances customer loyalty and allows for the introduction of new equipment categories, which is expected to drive performance in the coming years [2][4]. - The report emphasizes the ongoing trend of domestic semiconductor equipment localization, which is anticipated to accelerate, providing further growth opportunities for the company [4]. Valuation Metrics - The report assigns a price-to-earnings (PE) ratio of 36 times for 2024, compared to the industry average of 34.7 times, indicating a favorable valuation outlook for the company [5][13].