Thinkon Semi(688233) 长城证券·2024-08-23 07:09Investment Rating - The report upgrades the investment rating of the company to "Buy" [4] Core Views - The company has shown significant revenue growth in H1 2024, achieving 125 million yuan, a year-on-year increase of 58.84%, and a net profit of 5 million yuan, up 120.09% year-on-year [1][2] - The semiconductor industry is experiencing a recovery, leading to increased orders for the company, which is expected to benefit from the demand for semiconductor materials [2][3] - The company is enhancing its product structure and expanding its sales network to meet the new market demands arising from the industry's recovery [2] Financial Summary - In H1 2024, the company's gross margin was 25.26%, a decrease of 4.29 percentage points year-on-year, while the net margin increased by 34.06 percentage points to 4.39% [2] - The company's revenue from large-diameter silicon materials reached approximately 80.4 million yuan, with a gross margin of 57.75% [2] - The company plans to achieve steady revenue growth from silicon component products, which have already entered the supply chains of leading domestic integrated circuit manufacturers [3] Earnings Forecast - The company forecasts net profits of 4.3 million yuan, 14.4 million yuan, and 17.3 million yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.25 yuan, 0.84 yuan, and 1.02 yuan [4]