晶升股份：拓展光伏订单持续带动销售增长，自主开发CVD设备等新品类

Investment Rating - The report maintains a "Buy-A" rating for the company, indicating an expected price increase of over 15% relative to the benchmark index [1][3]. Core Insights - The company achieved a revenue of 199 million yuan in the first half of 2024, representing a year-on-year increase of 73.76%, with a net profit of 35 million yuan, up 131.99% [1][2]. - The growth in sales is driven by an increase in order acceptance and cost reduction efforts, enhancing overall profitability [2][3]. - The company is expanding its product offerings into the photovoltaic sector, which is contributing to sales growth [3]. Financial Performance Summary - For the first half of 2024, the company reported a gross margin of 31.67%, with a notable increase in the gross margin of other equipment and supporting products by 22.48 percentage points [1]. - The company’s revenue is projected to grow to 601 million yuan in 2024, 818 million yuan in 2025, and 1.085 billion yuan in 2026, with net profits expected to reach 103 million yuan, 140 million yuan, and 182 million yuan respectively [3][4]. - The earnings per share (EPS) are forecasted to be 0.75 yuan in 2024, 1.01 yuan in 2025, and 1.32 yuan in 2026, with corresponding price-to-earnings (P/E) ratios of 35.7X, 26.4X, and 20.3X [3][4]. Market Position and Strategy - The company is focusing on deepening customer collaborations in the semiconductor crystal growth equipment sector while also diversifying into photovoltaic applications [3]. - The revenue from crystal growth equipment reached 161 million yuan in the first half of 2024, accounting for 80.89% of total revenue, indicating strong market demand [3]. - The company is actively developing customized solutions, including automation control systems for photovoltaic applications, which are expected to enhance its competitive edge [3].