Secote co.ltd(603283) 东吴证券·2024-08-11 23:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance continues to show high growth, with a revenue of 1.63 billion yuan in H1 2024, representing a year-on-year increase of 16%. The net profit attributable to shareholders reached 154 million yuan, up 49% year-on-year, aligning with the performance forecast [2][9] - Profitability has significantly improved, with a sales net profit margin of 9.96% in H1 2024, an increase of 2.36 percentage points year-on-year. The gross profit margin for H1 2024 was 44.99%, up 4.60 percentage points year-on-year [2][10] - The company has seen a decrease in contract liabilities and inventory, indicating a strong order fulfillment. As of the end of H1 2024, contract liabilities and inventory were 400 million yuan and 1.67 billion yuan, down 58% and 4% year-on-year, respectively [2][11] - The company is well-positioned to benefit from the upcoming launch of new Apple products, which is expected to drive demand in the consumer electronics sector. Additionally, the semiconductor measurement equipment segment is anticipated to grow due to the expansion of HBM production [2][12] - The company is expanding its presence in the semiconductor and new energy sectors, with significant potential for growth in consumer electronics and domestic substitution in semiconductor measurement equipment [2][13] Financial Forecasts - The company is projected to achieve net profits of 840 million yuan, 970 million yuan, and 1.07 billion yuan for the years 2024, 2025, and 2026, respectively. The current market capitalization corresponds to dynamic P/E ratios of 14, 12, and 11 times for these years [2][14]