晶盛机电：公司半年报点评：材料业务利润端承压，设备新品进展顺利

Investment Rating - The report maintains an "Accumulate" investment rating for the company [1] Core Views - The company's H1 2024 revenue reached 10.147 billion yuan, a year-on-year increase of 21%, while the net profit attributable to shareholders was 2.096 billion yuan, a decrease of 4.97% year-on-year [2][9] - The decline in profit margins is attributed to increased operating expenses and a decrease in the gross margin of the materials business, particularly due to the impact of domestic quartz sand demand and the influx of imported quartz sand [2][9] - The company is expected to benefit from the recognition of its fifth-generation single crystal furnace and intelligent integrated equipment, as well as the rapid growth of its materials business [3][12] Financial Performance - In H1 2024, the company's gross margin was 37%, down 5.65 percentage points year-on-year, and the net profit margin was 23.54%, down 6.46 percentage points year-on-year [2][9] - The equipment and service business generated revenue of 7.37 billion yuan, up 20.6% year-on-year, while the materials business generated revenue of 2.37 billion yuan, up 25.7% year-on-year [2][9] - The company forecasts net profits of 5.712 billion yuan and 6.869 billion yuan for 2024 and 2025, respectively, with a projected PE ratio of 5.8X for 2024, indicating a historically low valuation [3][12] Business Segments - In the semiconductor equipment sector, the company has achieved breakthroughs in the domestic production of 8-12 inch silicon wafer equipment and has a leading market share in domestic long crystal equipment [10] - The company continues to innovate in the photovoltaic equipment sector, launching highly automated products that help customers reduce costs and improve efficiency [10] - In the materials sector, the company has established a leading position in high-quality large-size quartz crucibles and is expanding its production capacity in the diamond wire sector [10]