KINGLAI MATERIALS(300260) 东吴证券·2024-08-27 05:04Investment Rating - The report maintains an "Accumulate" rating for the company [1][15]. Core Views - The company has shown steady growth in performance, with significant expansion in the semiconductor business, achieving a revenue of 1.418 billion yuan in the first half of 2024, a year-on-year increase of 11.83%. The semiconductor segment generated 447 million yuan, up 48% year-on-year, accounting for 32% of total revenue [2][9]. - The company's profit structure is improving, with a gross margin of 25.57% in the first half of 2024, an increase of 0.74 percentage points year-on-year. The net profit margin also improved to 9.89%, up 1.18 percentage points year-on-year [10][14]. - The company is focusing on domestic substitution strategies across its three main segments: semiconductor, food, and pharmaceuticals, which are expected to drive growth as downstream demand recovers [3][14]. Summary by Sections Financial Performance - In H1 2024, the company achieved total revenue of 1.418 billion yuan, with a net profit of 140 million yuan, reflecting a year-on-year increase of 26.91% [2][9]. - The second quarter revenue was 729 million yuan, up 15.88% year-on-year, with a net profit of 72 million yuan, also showing a year-on-year increase of 26.49% [2][9]. Profitability Metrics - The gross margin for H1 2024 was 25.57%, with the semiconductor segment at 28.34%, the food segment at 22.74%, and the pharmaceutical segment at 31.67% [10][14]. - The company’s net profit margin for H1 2024 was 9.89%, with a slight increase in the expense ratio to 14.73% [10][14]. Market Outlook - The global semiconductor market is expected to recover, with projected sales growth of 11.6% to 18.3% from Q4 2023 to Q2 2024. The domestic semiconductor equipment market is also showing significant growth, with sales expected to increase by 90.8% to 113.4% [3][14]. - The food packaging market in China is projected to exceed 25 billion yuan by 2025, indicating substantial growth potential, particularly in dairy and beverage sectors [3][14]. Earnings Forecast - The company’s net profit forecasts for 2024, 2025, and 2026 are 370 million yuan, 520 million yuan, and 660 million yuan, respectively, with corresponding P/E ratios of 19, 13, and 10 [15].