捷佳伟创：公司点评：业绩符合预期，平台化布局拓宽公司成长空间

Investment Rating - The report maintains a "Buy" rating for the company, expecting significant price appreciation in the next 6-12 months [2][9]. Core Views - The company achieved a revenue of 6.622 billion RMB in H1 2024, representing a year-on-year increase of 62.19%, and a net profit of 1.226 billion RMB, up 63.15% year-on-year [2]. - In Q2 2024, the company reported a revenue of 4.044 billion RMB, a remarkable increase of 87.90% year-on-year, with a net profit of 648 million RMB, up 56.04% year-on-year [2]. - The company is benefiting from a robust order backlog in TOPCon battery equipment, with a gross margin of 31.62% in H1 2024, an increase of 5.17 percentage points year-on-year [2]. - The company is actively expanding into HJT, xBC, perovskite, and tandem battery technologies, with notable advancements in efficiency and production capabilities [2]. - The semiconductor and lithium battery equipment sectors are showing continuous breakthroughs, enhancing the company's market presence [2]. Summary by Sections Financial Performance - The company’s revenue for 2024E is projected to be 14.999 billion RMB, with a growth rate of 71.74% [5]. - The net profit for 2024E is estimated at 2.358 billion RMB, reflecting a growth rate of 44.38% [5]. - The diluted EPS for 2024E is expected to be 6.774 RMB, with a P/E ratio of 6.74 [5]. Business Analysis - The company has a strong order backlog of 18.4 billion RMB as of H1 2024, indicating robust demand for its products [2]. - The company’s HJT technology has achieved an average conversion efficiency of 25.6%, showcasing its competitive edge [2]. - The company is also making strides in the lithium battery equipment sector, with successful product launches and deliveries [2]. Market Position - The company is positioned as a leading supplier of TOPCon technology, benefiting from industry upgrades and expansions [2]. - The company’s market competitiveness and customer recognition are continuously improving across multiple technology routes [2].