精测电子：2024年半年报预告点评：业绩大幅增长，Q2扣非归母净利润实现扭亏为盈

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's performance in H1 2024 shows significant growth, with Q2 non-GAAP net profit turning positive [1] - Government subsidies have significantly boosted net profit, with H1 2024 net profit expected to be between 45-55 million yuan, a year-on-year increase of 272.1%-354.8% [3] - The company's display panel testing equipment leadership and expansion into semiconductor and new energy sectors are key growth drivers [3] Financial Performance - Revenue for 2024E is projected at 3,176 million yuan, a 30.74% increase from 2023A [2] - Net profit attributable to shareholders for 2024E is forecasted at 267.01 million yuan, a 77.88% increase from 2023A [2] - EPS for 2024E is estimated at 0.98 yuan per share [2] Market Data - The closing price is 61.50 yuan [5] - The market capitalization is 16,818.21 million yuan [5] - The P/E ratio for 2024E is 62.99 [2] Business Segments - The company is a leader in display panel testing equipment and is expanding into semiconductor and new energy sectors [3] - In the semiconductor sector, the company is well-positioned for domestic substitution with comprehensive layout in optical and electron beam inspection technologies [3] - In the new energy sector, the company has signed a strategic partnership with CALB, focusing on lithium battery assembly and testing equipment [3] Financial Projections - Revenue is expected to grow from 3,176 million yuan in 2024E to 5,024 million yuan in 2026E [2] - Net profit attributable to shareholders is projected to increase from 267.01 million yuan in 2024E to 504.10 million yuan in 2026E [2] - EPS is forecasted to rise from 0.98 yuan in 2024E to 1.84 yuan in 2026E [2] Valuation Metrics - The P/E ratio is expected to decrease from 62.99 in 2024E to 33.36 in 2026E [2] - The P/B ratio is projected to decline from 4.66 in 2024E to 3.75 in 2026E [9] - ROE is forecasted to increase from 6.72% in 2024E to 10.37% in 2026E [9]