S.C(SZ:300724) Guoxin Securities·2024-08-26 12:25Investment Rating - The investment rating for the company is "Outperform the Market" [4][11]. Core Views - The company achieved a revenue of 6.622 billion yuan in the first half of 2024, representing a year-on-year growth of 62.19%, and a net profit of 1.226 billion yuan, up 63.15% year-on-year. This growth is attributed to the continuous acceptance of orders [1]. - The gross margin and net margin for the first half of 2024 were 31.62% and 18.53%, respectively, with year-on-year changes of +5.17 and +0.12 percentage points. The increase in gross margin is mainly due to the acceptance of higher-margin TOPCon equipment [1]. - The company has seen a significant increase in contract liabilities, which reached 18.452 billion yuan, a year-on-year increase of 55.93%, indicating a robust order backlog that supports future performance growth [1]. - The company has announced a share repurchase plan, intending to buy back 30 to 60 million shares at a price not exceeding 65 yuan per share, with all repurchased shares to be canceled and reduce registered capital [1]. - The company is making breakthroughs in multiple fields, including maintaining a leading market share in the photovoltaic sector, achieving mass production of HJT technology, and successfully delivering large-scale coating equipment for perovskite technology [1]. Financial Forecasts - The company is projected to achieve net profits of 2.483 billion yuan, 3.273 billion yuan, and 3.670 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding PE ratios of 6, 5, and 4 times [1][2]. - Revenue forecasts for 2024, 2025, and 2026 are 13.772 billion yuan, 18.348 billion yuan, and 20.183 billion yuan, reflecting growth rates of 57.7%, 33.2%, and 10.0% respectively [2][12].