S.C(SZ:300724) Minsheng Securities·2024-08-22 07:01Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Views - The company's performance in H1 2024 met expectations, with revenue reaching 6.622 billion yuan, a year-on-year increase of 62.19%, and a net profit attributable to shareholders of 1.226 billion yuan, up 63.15% year-on-year, driven by ongoing order fulfillment [1][2]. - The company continues to invest heavily in research and development, with R&D expenses amounting to 291 million yuan in H1 2024, a year-on-year increase of 34.78%, which supports its goal of becoming a technology platform enterprise [1][2]. - The company is expanding its presence across multiple sectors, including photovoltaic equipment, semiconductor equipment, and lithium battery new energy equipment, achieving significant results in each area [1][2]. Summary by Relevant Sections Financial Performance - In H1 2024, the company achieved a revenue of 6.622 billion yuan and a net profit of 1.226 billion yuan, with a gross margin of 31.62%, an increase of 5.17 percentage points year-on-year [1]. - The company forecasts revenues of 15.299 billion yuan, 20.083 billion yuan, and 27.168 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 2.561 billion yuan, 3.313 billion yuan, and 4.475 billion yuan for the same years [2][6]. Research and Development - The company has established several research centers and has obtained 728 patents, including 75 invention patents, which enhances its capability to innovate in high-efficiency photovoltaic technologies [1][2]. - The R&D focus includes TOPCon, HJT, XBC, and perovskite technologies, as well as extending into the semiconductor equipment field [1]. Market Position and Strategy - The company maintains a leading position in the photovoltaic equipment sector, with significant advancements in HJT technology and successful orders in the semiconductor equipment market [1][2]. - The company has made breakthroughs in lithium battery equipment, including the successful delivery of a new vacuum coating device [1].