KFMI(SZ:300666) KAIYUAN SECURITIES·2024-07-17 13:00Investment Rating - The investment rating for the company is "Buy" (maintained) [2][22][29] Core Views - The company is expected to exceed performance expectations in Q2 2024, driven by both target materials and components [2][22] - The company has significantly increased its R&D investment, with R&D expenses reaching 172 million yuan in 2023, a year-on-year increase of 37.87% [5][22] - The company is actively constructing new production capacity for ultra-high-purity metal sputtering target materials, which is anticipated to contribute to future revenue growth [5][22] Financial Performance Summary - For H1 2024, the company forecasts revenue of approximately 1.613 billion yuan, a year-on-year increase of 34.75%, and a net profit attributable to shareholders of 153-168 million yuan, with a non-GAAP net profit of 162-178 million yuan, reflecting a significant increase of 66.03% to 81.67% [22] - The expected revenue for Q2 2024 is around 841 million yuan, representing a year-on-year increase of 32.90% and a quarter-on-quarter increase of 8.83% [22] - The company maintains its profit forecasts for 2024-2026, expecting net profits of 354 million yuan, 463 million yuan, and 605 million yuan respectively [22][26] Business Development - The company has established three main business lines: ultra-high-purity metal sputtering targets, semiconductor precision components, and key materials for third-generation semiconductors [8][22] - The company is enhancing its core competitiveness through independent R&D and has built a comprehensive intellectual property protection system [8][22] - The company’s production bases for semiconductor precision components are gradually coming online, leading to increased sales [22][25]