CHANGELIGHT(300102) 长江证券·2024-08-27 04:07Investment Rating - The investment rating for the company is "Buy" and is maintained [2]. Core Views - The company's revenue for the first half of 2024 reached 1.272 billion yuan, a year-on-year increase of 10%. The main business revenue was 0.947 billion yuan, up 25.87% year-on-year, with a gross margin increase of 8.5 percentage points. The net profit attributable to shareholders was 36.82 million yuan, reflecting a significant year-on-year growth of 134.16% [2][3]. - The company's production capacity utilization rate reached 97.39%, an increase of 23.46 percentage points year-on-year. The revenue proportion of mid-to-high-end products continued to rise, increasing by 6 percentage points year-on-year. The RGB direct display revenue grew by 38% year-on-year, with Mini RGB products contributing significantly, showing a revenue increase of 249% [2][3]. - The company is making significant advancements in Mini/Micro-LED technology, with Mini-LED backlight chip revenue growing by 178% year-on-year. The Micro-LED products are also progressing well, achieving a yield rate of 99.99% in mass transfer [3]. - The commercial aerospace sector is expanding, with the company's gallium arsenide solar cell epitaxial wafer shipments increasing by 39% year-on-year. The new flexible thin-film solar cell products have also been delivered in large quantities, indicating a promising growth trajectory [3]. - The projected net profit attributable to shareholders for 2024-2026 is expected to reach 125 million, 205 million, and 324 million yuan, corresponding to PE ratios of 44X, 27X, and 17X respectively, maintaining the "Buy" rating [3].