捷佳伟创：2024年半年报点评：业绩符合预期，逐步完善专用设备平台化布局

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's performance continues to grow significantly, meeting expectations with a revenue of 6.62 billion yuan in the first half of 2024, representing a year-on-year increase of 62.2% [3][9] - The gross profit margin remains stable, with a gross margin of 31.6% in the first half of 2024, an increase of 5.17 percentage points year-on-year [11] - Inventory and contract liabilities have increased significantly, with contract liabilities reaching 18.452 billion yuan, up 56% year-on-year, and inventory at 21.637 billion yuan, up 74% year-on-year [13] Summary by Sections Financial Performance - In the first half of 2024, the company achieved total revenue of 6.62 billion yuan, with process equipment revenue at 5.4 billion yuan (up 69.79% year-on-year) and automation equipment revenue at 876 million yuan (up 38.72% year-on-year) [3][9] - The net profit attributable to shareholders was 1.226 billion yuan, a year-on-year increase of 63.2% [3][9] - The second quarter alone saw revenue of 4.04 billion yuan, up 88% year-on-year, and a net profit of 648 million yuan, up 56% year-on-year [3][9] Profitability - The company's gross margin for the first half of 2024 was 31.6%, with the process equipment gross margin at 31% [11] - The net profit margin was 18.5%, reflecting a slight increase of 0.11 percentage points year-on-year [11] Inventory and Cash Flow - As of Q2 2024, the company's contract liabilities were 18.452 billion yuan, a 56% increase year-on-year, while inventory was 21.637 billion yuan, a 74% increase year-on-year [13] - The net cash flow from operating activities for the first half of 2024 was 196 million yuan, a decrease of 90.8% year-on-year [13] Product Development and Market Position - The company has achieved full coverage of TOPCon, HJT, perovskite, and perovskite tandem routes in photovoltaic equipment [4][16] - The company is expanding into the semiconductor and lithium battery sectors, with significant advancements in specialized equipment [17] Earnings Forecast and Investment Rating - The company is expected to maintain a net profit of 2.62 billion yuan in 2024, 3.53 billion yuan in 2025, and 3.99 billion yuan in 2026, corresponding to a PE ratio of 6, 5, and 4 times respectively [18]