晶盛机电：2024半年报点评：半导体设备发展稳健，材料业务利润承压

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [7] Core Views - In H1 2024, the company achieved operating revenue of 10.15 billion yuan, a year-on-year increase of 20.7%, and a net profit attributable to shareholders of 2.1 billion yuan, a decrease of 5.0% year-on-year [10] - The company is pursuing a dual-engine sustainable development strategy focusing on advanced materials and advanced equipment, actively promoting the localization of semiconductor equipment [10] - The competition in the photovoltaic industry is intensifying, with older capacities expected to gradually exit, leading to a potential delay in new capacity demands in the short term, but long-term demand for high-tech equipment is expected to strengthen [10] - The price decline in the quartz crucible industry in Q2 has impacted the company's materials business performance [10] - The semiconductor equipment sector is developing steadily, while photovoltaic equipment may face short-term pressure, but the company is expected to leverage its technological advantages for long-term growth [10] Summary by Sections Financial Performance - In H1 2024, the equipment and service business generated revenue of 7.37 billion yuan, a year-on-year increase of 20.6%, with a gross margin of 37.4%, down 2.7 percentage points year-on-year [10] - The materials business achieved revenue of 2.37 billion yuan in H1 2024, a year-on-year increase of 25.7%, but the gross margin fell by 14.5 percentage points to 40.2% due to a significant price drop in quartz crucibles [10] Market Outlook - The company is focusing on high-end equipment in the semiconductor sector, including 8-12 inch silicon wafer equipment and power semiconductor equipment [10] - The domestic production forecast for 2024 is expected to reach 935 GW for silicon wafers, 820 GW for battery cells, and 750 GW for modules, significantly exceeding annual installation demand [10] Profit Forecast and Investment Advice - Revenue forecasts for 2024-2026 are 21.97 billion yuan, 25.30 billion yuan, and 28.54 billion yuan, with year-on-year growth rates of 22.2%, 15.1%, and 12.8% respectively [10] - Net profit attributable to shareholders is projected to be 4.81 billion yuan, 5.41 billion yuan, and 5.98 billion yuan for the same period, with growth rates of 5.5%, 12.5%, and 10.5% respectively [10] - The company is expected to maintain its "Accumulate" rating despite short-term pressures on photovoltaic equipment and significant price declines in material products [10]