Focus Lightings Tech CO.(300708) 山西证券·2024-08-01 11:30Investment Rating - The report maintains a "Buy-A" rating for the company LED聚灿光电 (300708.SZ) [3] Core Views - The company has significantly improved its profitability due to high-end product upgrades and cost reduction measures, with a gross margin of 14.60% in the first half of 2024, an increase of 4.67 percentage points year-on-year [1] - The industry is experiencing a clear trend towards high-end products, with the company continuing to launch high-priced products and focusing on refined management to support long-term performance [1] - The company achieved a revenue of 1.334 billion yuan in the first half of 2024, a year-on-year increase of 11.24%, and a net profit of 113 million yuan, up 351.03% year-on-year [2] Financial Performance - In the first half of 2024, the company’s LED chip production capacity reached 11.69 million pieces, a year-on-year increase of 8.5%, with a capacity utilization rate of 96.47% and a sales rate of 101.73% [2] - The average price of LED chips and epitaxial wafers was 59.38 yuan per piece, reflecting a year-on-year increase of 3.18% [2] - The company’s net profit for 2024 is projected to be 243 million yuan, with expected growth rates of 100.2%, 25.8%, and 53.9% for the years 2024, 2025, and 2026 respectively [3][5] Financial Data and Valuation - The company’s revenue is expected to grow from 2.839 billion yuan in 2024 to 4.384 billion yuan in 2026, with corresponding net profits of 243 million yuan and 470 million yuan [5][6] - The projected EPS for 2024, 2025, and 2026 are 0.36 yuan, 0.45 yuan, and 0.69 yuan respectively, with P/E ratios of 23.9, 19.0, and 12.3 [3][5] - The gross margin is expected to improve from 14.6% in 2024 to 17.1% in 2026, indicating a positive trend in profitability [5][7]