精测电子：盈利水平大幅改善，半导体持续放量

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 102.02 RMB [5][7]. Core Insights - The company is expected to achieve a net profit of 45 to 55 million RMB in the first half of 2024, representing a year-on-year growth of 272.09% to 354.77% [2]. - The semiconductor, flat panel display, and new energy sectors are driving the company's growth, with significant improvements in profitability and a strong order backlog of 3.536 billion RMB [2][3]. - The company has made breakthroughs in OLED and Micro-OLED technologies, enhancing its product delivery capabilities and accelerating revenue recognition [3][4]. Summary by Sections Financial Performance - In Q2 2024, the company reported a net profit of 60.93 to 70.93 million RMB, a year-on-year increase of 27,810% to 32,391%, indicating a significant turnaround from previous losses [3]. - The company anticipates revenues of 2.85 billion RMB in 2024, with projections of 3.56 billion RMB in 2025 and 4.36 billion RMB in 2026, reflecting a growth trajectory [6][15]. Business Segments - Semiconductor: The company has secured repeat orders for advanced process equipment and is expanding its laboratory capabilities for advanced packaging [4]. - Display: The company has made progress in AR/VR/MR headsets and has established partnerships for Micro-OLED module testing [4]. - New Energy: The company is increasing collaboration with domestic and international clients to enhance market penetration [4]. Valuation - The target price of 102.02 RMB is based on a price-to-sales ratio of 9.79x for 2024, considering the company's revenue is still primarily from the panel business [5][9].