Hwatsing Technology (688120) 国泰君安·2024-07-14 23:31Investment Rating - The report maintains an "Accumulate" rating for the company [3] Core Views - The company's Q2 performance slightly underperformed expectations, with H1 revenue projected to be between 1.45-1.52 billion yuan, representing a year-on-year growth of 17.46%-23.13% [3] - The CMP equipment's competitiveness is steadily improving, and the platform layout is becoming increasingly refined [3] - The company is actively increasing production capacity and planning industrial layout [3] Financial Summary - The report maintains the net profit forecast for 2024-2025 at 1.007 billion and 1.29 billion yuan, respectively, with a new forecast for 2026 at 1.677 billion yuan [3] - The earnings per share (EPS) for 2024-2025 are maintained at 4.25 and 5.45 yuan, with a new forecast for 2026 at 7.08 yuan [3] - The target price remains unchanged at 159.32 yuan [3] Performance Highlights - The company achieved a revenue of 7.7-8.4 billion yuan in Q2 2024, with a year-on-year growth of 24.60%-35.92% [3] - The net profit for Q2 2024 is projected to be between 2.23-2.43 billion yuan, reflecting a year-on-year growth of 23.89%-35.00% [3] - The company has shipped a cumulative total of 500 units of its 12-inch CMP equipment, breaking the overseas monopoly and steadily increasing market share [3] Capacity Expansion and Strategic Planning - The company plans to establish a base in Beijing Economic Development Zone for CMP, thinning equipment, and wet cleaning equipment [3] - The company is actively participating in setting up investment funds to seek investable targets in the industrial chain and is continuously promoting the cultivation of domestic component suppliers to enhance localization [3]