Zhejiang Jingsheng Mechanical & Electrical (300316) 东吴证券·2024-08-21 05:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 10.147 billion yuan in the first half of 2024, representing a year-on-year increase of 21%. However, the net profit attributable to shareholders decreased by 4.97% year-on-year to 2.096 billion yuan due to impairment losses and a decline in gross margin [7][9] - The company is focusing on expanding its semiconductor equipment business while maintaining its leadership in photovoltaic equipment [14][15] Revenue and Profitability - Total revenue for 2022 was 10.638 billion yuan, with a year-on-year growth of 78.45%. For 2023, the revenue is projected to be 17.983 billion yuan, a growth of 69.04%. The forecast for 2024 is 21.646 billion yuan, with a growth rate of 20.37% [2] - The gross margin for the first half of 2024 was 37.00%, down 5.66 percentage points year-on-year. The net profit margin was 23.54%, down 6.66 percentage points year-on-year [9][10] Product and Market Positioning - The company has achieved full coverage in photovoltaic equipment, including silicon wafer, battery, and module equipment. It is also a leader in domestic long crystal equipment for semiconductors, focusing on large silicon wafers and advanced packaging [14][15] - The company is expanding its material offerings, including silicon carbide substrates and quartz crucibles, with batch production of 8-inch silicon carbide substrates already underway [14] Financial Forecasts - The company is expected to achieve net profits of 4.6 billion yuan in 2024, 5.4 billion yuan in 2025, and 5.9 billion yuan in 2026, with corresponding P/E ratios of 7, 6, and 6 times respectively [15]