雷赛智能：2024年半年报点评：业绩略超市场预期，“智能制造+移动机器人”开启第三次创业

Investment Rating - Buy (Maintained) [1] Core Views - The company's 24H1 revenue increased by 15% YoY, with net profit attributable to the parent company up by 54% YoY, and non-GAAP net profit up by 77% YoY, slightly exceeding market expectations [2] - The company's system reform has shown significant results, with a notable decrease in expense ratios [2] - The company is focusing on the "smart manufacturing" main track and the "mobile robotics" auxiliary track, initiating its third entrepreneurial phase [3] Financial Performance - 24H1 revenue reached 823 million yuan, up 15% YoY, with net profit attributable to the parent company at 116 million yuan, up 54% YoY [2] - 24Q2 revenue was 442 million yuan, up 11% YoY, with net profit attributable to the parent company at 62 million yuan, up 55% YoY [2] - The company's 24H1/24Q2 expense ratios were 23.36%/22.37%, down 6.69/8.22 percentage points YoY [2] Business Segments - Stepper systems: 24H1 revenue of 360 million yuan, up 3% YoY, with a gross margin of 38.02% [2] - Servo systems: 24H1 revenue of 340 million yuan, up 26% YoY, with a gross margin of 26.86% [2] - Control products: 24H1 revenue of 120 million yuan, up 35% YoY, with a gross margin of 69.16% [2] Robotics Business - The company has been developing the robotics industry since 2018, focusing on products like frameless torque motors and CD servo drives [3] - It has secured bulk orders from several robotics customers and is collaborating with a well-known German company on robot joint modules [3] Financial Forecasts - 2024-2026 net profit attributable to the parent company is forecasted to be 232/320/369 million yuan, with YoY growth of 68%/38%/15% [3] - The corresponding PE ratios are 26x, 19x, and 16x [3] Market Data - Closing price: 19.86 yuan [5] - 52-week low/high: 11.73/23.31 yuan [5] - P/B ratio: 4.33x [5] - Market cap: 6,090.38 million yuan [5] Key Financial Metrics - Net asset per share: 4.58 yuan [6] - Debt-to-asset ratio: 38.38% [6] - Total shares outstanding: 306.67 million [6] - Free float shares: 216.71 million [6] Historical Performance - The stock price has shown significant fluctuations, with a range of -34% to 26% over the past year [4]