L&K(603929) 国信证券·2024-08-02 00:30Investment Rating - The investment rating for the company is "Outperform the Market" [1][12][14] Core Views - The company has shown strong progress in ongoing projects, with significant revenue and profit growth. In the first half of 2024, the company achieved operating revenue of 2.85 billion yuan, a year-on-year increase of 206%, and a net profit attributable to shareholders of 237 million yuan, also up 205% year-on-year [1][4][7] - The company is expected to accelerate revenue recognition in the second half of the year, driven by major overseas projects, particularly the Singapore wafer fab project, which contributed 1.19 billion yuan in revenue in the first half of 2024, accounting for 42% of total revenue and 68% of net profit [1][7][8] - The company has seen a significant increase in new orders, with a total of 5.39 billion yuan in new contracts signed in 2023, a year-on-year increase of 199%, indicating strong domestic revenue growth [1][7][8] Summary by Relevant Sections Financial Performance - In the first half of 2024, the company reported operating revenue of 2.85 billion yuan, a 206% increase year-on-year, and a net profit of 237 million yuan, up 205% year-on-year. The second quarter alone saw revenue of 1.75 billion yuan, a 188.3% increase year-on-year and a 60% increase quarter-on-quarter [1][4][7] - The gross margin for the first half of 2024 was 11.0%, down 2.9 percentage points year-on-year, while the net margin was 8.3%, up 0.4 percentage points year-on-year [1][8][12] Cash Flow - The company maintained a strong cash inflow, with a net cash flow from operating activities of 1.159 billion yuan in the first half of 2024, a year-on-year increase of 41.9%. The cash collection ratio was 131%, indicating a healthy cash flow position [1][8][12] Profit Forecast - The company is expected to maintain its profit forecast, with projected net profits attributable to shareholders of 574 million yuan, 568 million yuan, and 607 million yuan for 2024, 2025, and 2026 respectively, reflecting a growth trajectory supported by strong demand in the semiconductor cleanroom engineering sector [1][12][14]