圣晖集成：业绩短暂承压，海外营收增速亮眼

Investment Rating - The report maintains a "Buy" rating for the company [4][5]. Core Views - The company achieved a revenue of 931 million with a year-on-year growth of 1.76%, while the net profit attributable to shareholders was 57 million, down 26.1% year-on-year [1]. - The overseas revenue growth was impressive at 42.74%, particularly in Southeast Asia, which is expected to benefit from the global semiconductor shift [1][2]. - The company has a strong order backlog of 1.663 billion, a year-on-year increase of 7.76%, with semiconductor orders accounting for 57% of the total [2]. Financial Performance - The gross margin for the first half of 2024 was 13.5%, a decrease of 2.71 percentage points year-on-year, while the net profit margin was 6.11%, down 2.37 percentage points [3]. - The company’s operating expenses increased, with the expense ratio rising to 5.47%, up 0.99 percentage points year-on-year [3]. - The company’s cash flow from operations was negative at -95 million, indicating a cash outflow compared to the previous year [3]. Market Position - The company focuses on the high-end cleanroom engineering sector, where competition is less intense compared to the low-end market, allowing for a better market share outlook [4]. - The company is well-positioned in Southeast Asia due to its early market entry and local expertise, which is expected to yield continued benefits from the semiconductor industry migration [2][4]. Financial Projections - The projected net profits for 2024-2026 are 127 million, 153 million, and 185 million respectively, with corresponding P/E ratios of 19.3, 16.1, and 13.3 [4][8]. - Revenue is expected to grow at rates of 7.75%, 17.82%, and 15.66% over the next few years [8].