中微公司：公司事件点评报告：刻蚀设备显著放量，盈利能力短期承压

Investment Rating - The report maintains a "Buy" investment rating for the company [6][9]. Core Views - The company has experienced significant revenue growth due to increased demand for etching equipment, although profitability is under short-term pressure due to rising costs and increased R&D expenses [4][5]. - The company's etching equipment revenue reached 2.698 billion yuan in the first half of 2024, a year-on-year increase of approximately 56.68%, with its share of total revenue rising from 68.16% in the first half of 2023 to 78.26% in the first half of 2024 [5]. - The company is expected to benefit from the ongoing upgrades in advanced logic processes and storage technologies, leading to stable revenue and profit growth in the future [9]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved operating revenue of 3.448 billion yuan, a year-on-year increase of 36.46%, while net profit attributable to shareholders decreased by 48.48% to 517 million yuan [3][4]. - The company's gross margin has declined due to new accounting standards affecting warranty costs and increased operating expenses, particularly a 94.58% rise in R&D expenses [4]. Equipment Sales and Market Position - The company’s MOCVD equipment sales were approximately 152 million yuan, down about 49.04% year-on-year, but it maintains a leading position in the international market for GaN-based MOCVD equipment [6]. - The company has developed new products that have been validated by clients, indicating potential for future growth in the MOCVD market, which is projected to exceed 800 units annually by 2026 [6]. Future Projections - Revenue forecasts for 2024, 2025, and 2026 are 8.154 billion yuan, 10.767 billion yuan, and 14.121 billion yuan respectively, with corresponding EPS estimates of 2.94 yuan, 3.58 yuan, and 4.49 yuan [8][9]. - The company is expected to maintain a stable growth trajectory, with projected net profit growth rates of 2.2% in 2024 and 21.7% in 2025 [8].