神工股份：24H1营收同比+59％，硅零件加速国产化

Investment Rating - The report maintains a "Buy" rating for the company [2][3]. Core Insights - The company reported a revenue of 125.22 million yuan for H1 2024, representing a year-on-year increase of 58.84%, and achieved a net profit of 4.76 million yuan, marking a return to profitability [2]. - The product structure for H1 2024 includes large-diameter silicon materials at 80.40 million yuan, silicon components at 36.58 million yuan, and silicon wafers at 5.10 million yuan. The gross margin for large-diameter silicon materials has recovered to 57.75%, while the gross margin for silicon wafers is at -48%, which is the main reason for lower-than-expected profits [2]. - The company is expanding its production capacity to solidify its position in the semiconductor etching silicon materials industry, with a market size of approximately 4-5 billion USD for etching materials and 10-15 billion USD for silicon electrodes [2]. - The company has established two component factories in Quanzhou and has begun small-batch supply of parts for 12-inch plasma etching machines, with several product numbers already passing customer evaluations [2]. - Domestic revenue has increased significantly, rising from 1.9% in 2019 to 59% in 2023, indicating a more balanced regional market presence [2]. - The report has adjusted profit forecasts downward due to slower-than-expected expansion in the silicon wafer business, with net profit estimates for 2024, 2025, and 2026 revised to 50 million, 150 million, and 180 million yuan, respectively [2][3]. Financial Summary - Total revenue for 2023 was 135 million yuan, with projections of 333 million yuan for 2024, 687 million yuan for 2025, and 1.162 billion yuan for 2026, reflecting significant growth [3][4]. - The gross margin is expected to improve from 25.3% in H1 2024 to 34.8% in 2024E, and further to 38.0% in 2025E [3]. - The earnings per share (EPS) is projected to be 0.28 yuan in 2024E, increasing to 0.88 yuan in 2025E and 1.04 yuan in 2026E [3][4].