MAYAIR(SH:688376) Soochow Securities·2024-08-20 18:30Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a revenue of 757 million yuan in H1 2024, representing a year-on-year growth of 16.17%, and a net profit attributable to shareholders of 93 million yuan, up 20.64% year-on-year [1] - The overseas revenue surged by 86% in H1 2024, accounting for 18.5% of total revenue, with an overseas gross margin of 29.74%, slightly higher than the overall gross margin of 29.6% [1] - The company continues to increase its R&D investment, with R&D expenses reaching 35.99 million yuan in H1 2024, a year-on-year increase of 16.02%, and a R&D expense ratio of 4.76% [1] - The company is a leading domestic player in semiconductor clean equipment and consumables, accelerating its overseas expansion with established certifications for its products [1] - The company plans to extend its air purification technology to new downstream sectors such as GMP biopharmaceuticals and renewable energy [1] - The profit forecast for 2024-2026 is maintained at 220 million, 280 million, and 350 million yuan respectively, with expected growth rates of 30%, 25%, and 26% [1] Financial Summary - In H1 2024, the company reported a gross margin of 29.6%, an increase of 1.92 percentage points year-on-year [1] - The company’s total revenue is projected to reach 1.915 billion yuan in 2024, with a year-on-year growth of 27.25% [7] - The net profit attributable to shareholders is expected to be 224.51 million yuan in 2024, reflecting a growth of 29.60% [7] - The company’s P/E ratio is projected to decrease from 19.85 in 2023 to 15.31 in 2024 [8]