Hwatsing Technology (SH:688120) Huachuang Securities·2024-08-19 06:47Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 170.1 CNY, compared to the current price of 136.14 CNY [2]. Core Insights - The company achieved a revenue of 1.497 billion CNY in H1 2024, representing a year-over-year increase of 21.23%. The net profit attributable to shareholders was 433 million CNY, up 15.65% year-over-year [2]. - In Q2 2024, the company reported revenue of 816 million CNY, a year-over-year increase of 32.03% and a quarter-over-quarter increase of 20.00%. The net profit attributable to shareholders was 231 million CNY, reflecting a year-over-year growth of 27.89% [2]. - The company is focusing on enhancing its product offerings and technological innovations, with significant advancements in CMP equipment and other semiconductor technologies [2]. - The construction of new production bases is progressing, aimed at developing high-end semiconductor equipment, which is expected to create new profit growth points [2]. Financial Summary - Total revenue for 2023 is projected at 2.508 billion CNY, with a growth rate of 52.1%. For 2024, revenue is expected to reach 3.632 billion CNY, reflecting a growth rate of 44.8% [3]. - The net profit attributable to shareholders for 2023 is estimated at 724 million CNY, with a growth rate of 44.3%. For 2024, the net profit is projected to be 1.007 billion CNY, indicating a growth rate of 39.1% [3]. - Earnings per share (EPS) is forecasted to be 4.25 CNY for 2024, up from 3.06 CNY in 2023 [3].