赛腾股份：中报业绩高增，3C+半导体设备持续高景气

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 20% relative to the market benchmark within the next six months [4][15]. Core Views - The company is projected to achieve a revenue of 1.631 billion yuan in the first half of 2024, representing a year-on-year growth of 16.21%, and a net profit attributable to shareholders of 154 million yuan, reflecting a 48.87% increase [1]. - The second quarter of 2024 shows continued strong growth, with revenues of 857 million yuan (YoY +24.46%) and a net profit of 59.66 million yuan (YoY +93.00%) [2]. - The application of AI technology in consumer electronics is accelerating, leading to structural opportunities in the 3C and semiconductor equipment sectors, with the company expected to benefit from new production line demands and upgrades [3]. Summary by Sections Financial Performance - For 2024, the company is expected to achieve a total revenue of 5.159 billion yuan, with net profits projected at 827 million yuan, reflecting a growth rate of 20% [10][13]. - The company’s net profit for 2024 is forecasted to be 827 million yuan, with a PE ratio of 14.4x, indicating a favorable valuation [4][13]. Market Opportunities - The company has entered the wafer inspection equipment market through the acquisition of Japan's Optima, enhancing its capabilities in the semiconductor sector and gaining recognition from major clients [3]. - The expansion of semiconductor production by companies like Hu Silicon is expected to provide significant benefits to the company as a supplier of measurement and inspection equipment [3]. Future Projections - The report forecasts net profits of 998 million yuan and 1.145 billion yuan for 2025 and 2026, respectively, with corresponding PE ratios of 11.9x and 10.4x, indicating continued growth potential [4][13].