MAYAIR(SH:688376) SINOLINK SECURITIES·2024-08-20 02:00Investment Rating - The report maintains a "Buy" rating for the company, expecting a significant price increase over the next 6-12 months [2][9]. Core Insights - The company reported a revenue of 757 million yuan for the first half of 2024, representing a year-on-year increase of 16.17%, and a net profit attributable to shareholders of 92.88 million yuan, up 20.64% year-on-year [2]. - In the second quarter of 2024, revenue reached 484 million yuan, showing a year-on-year growth of 25.98% and a quarter-on-quarter increase of 77.03% [2]. - The company is focusing on the incremental demand from existing customers, with an increasing proportion of consumables in its sales [2]. - The overseas business is expanding rapidly, with overseas revenue accounting for 18.50% of total revenue in the first half of 2024, amounting to 140 million yuan [2]. - The company is increasing its R&D investment, with R&D expenses reaching 35.99 million yuan in the first half of 2024, a year-on-year increase of 16.02% [2]. Summary by Sections Performance Overview - The company achieved a revenue of 1.921 billion yuan in 2024E, with a growth rate of 27.62% [5]. - The net profit attributable to shareholders is projected to be 229 million yuan in 2024E, reflecting a growth rate of 32.33% [5]. - The diluted earnings per share (EPS) is expected to be 1.71 yuan in 2024E, with a corresponding P/E ratio of 15 times [5]. Business Analysis - The company is actively expanding its market share in the replacement market while also exploring new growth opportunities [2]. - The management team has a global perspective, with significant experience in international markets, which supports the company's overseas expansion strategy [2]. - The company has received multiple certifications from renowned international manufacturers, enhancing its credibility in the semiconductor and cleanroom equipment sectors [2]. Financial Projections - The company is expected to achieve net profits of 2.29 billion yuan, 3.03 billion yuan, and 3.97 billion yuan for the years 2024, 2025, and 2026, respectively [2]. - The projected EPS for 2025 and 2026 is 2.25 yuan and 2.96 yuan, with corresponding P/E ratios of 11 times and 9 times [2].