S.C(SZ:300724) EBSCN·2024-08-22 13:41Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company achieved a revenue of 6.622 billion yuan in H1 2024, representing a year-on-year growth of 62.19%, with a net profit of 1.226 billion yuan, up 63.15% [1] - In Q2 2024, the company reported a revenue of 4.044 billion yuan, a significant increase of 87.90%, and a net profit of 648 million yuan, growing by 56.04% [1] - The company is a key equipment supplier for the TOPCon technology route, benefiting from the industry's expansion in TOPCon capacity, leading to a rapid increase in equipment sales [2] - The company’s contract liabilities reached 18.452 billion yuan by the end of June 2024, up 55.94% year-on-year, while inventory increased by 74.15% to 21.637 billion yuan [3] - R&D investment in H1 2024 rose by 34.78% to 291 million yuan, supporting breakthroughs in various technologies, including HJT and perovskite routes [3] Summary by Sections Financial Performance - H1 2024 revenue: 6.622 billion yuan, up 62.19% YoY - H1 2024 net profit: 1.226 billion yuan, up 63.15% YoY - Q2 2024 revenue: 4.044 billion yuan, up 87.90% YoY - Q2 2024 net profit: 648 million yuan, up 56.04% YoY [1] Equipment Sales - Revenue from process equipment: 5.422 billion yuan, up 69.79% YoY, with a gross margin of 30.96% - Revenue from automation equipment: 876 million yuan, up 38.72% YoY, with a gross margin of 27.67% [2] R&D and Technological Advancements - R&D investment: 291 million yuan, up 34.78% YoY - HJT cell average conversion efficiency: 25.6% - Successful shipment of large-scale coating equipment and orders in the semiconductor sector [3]