Investment Rating - The report maintains an "Accumulate" rating for the company [1][2]. Core Views - The company benefits from the recovery in the PCB industry, with stable performance in tool products and rapid growth in new businesses [2][4]. - In the first half of 2024, the company achieved revenue of 713 million RMB, a year-on-year increase of 22.30%, while net profit attributable to the parent company was 89 million RMB, a decrease of 16.05% [2][4]. - The company is positioned as a global leader in PCB drilling needles, expected to benefit from the increasing penetration of high-end products such as micro-drills and coated drilling needles [2][5]. Summary by Sections Financial Performance - In Q2 2024, the company reported revenue of 380 million RMB, up 23.96% year-on-year, and a net profit of 48 million RMB, up 28.20% year-on-year [5]. - The overall gross margin for the first half of 2024 was 34.66%, down 1.59 percentage points year-on-year, while the net margin was 12.49%, down 5.67 percentage points year-on-year [4][5]. Business Segments - Traditional business in PCB tools benefited from industry recovery, with tool products and polishing materials achieving revenues of 541 million RMB and 70 million RMB, respectively, representing year-on-year growth of 12.10% and 28.58% [2][4]. - New business segments, including functional film products and intelligent CNC equipment, saw significant growth, with revenues of 68 million RMB and 24 million RMB, respectively, marking year-on-year increases of 146.34% and 265.50% [2][4]. Future Outlook - The company has slightly adjusted its profit forecast, expecting revenues of 1.694 billion RMB, 2.087 billion RMB, and 2.501 billion RMB for 2024, 2025, and 2026, respectively [3][6]. - The expected net profit for the same years is projected to be 263 million RMB, 334 million RMB, and 412 million RMB, with corresponding EPS of 0.64 RMB, 0.81 RMB, and 1.01 RMB [3][6].
鼎泰高科：受益PCB行业回暖刀具产品表现稳健，新业务不断突破实现快速增长