FHEC(SH:688362) Guotou Securities·2024-08-28 03:11Investment Rating - The report assigns a "Buy - A" investment rating to the company, maintaining this rating [4][8]. Core Views - The company reported a significant revenue increase of 65.81% year-on-year for H1 2024, achieving revenue of 1.629 billion yuan and turning a profit with a net profit of 12.11 million yuan [1][2]. - In Q2 2024, the company achieved revenue of 903 million yuan, a year-on-year increase of 61.79% and a quarter-on-quarter increase of 24.26%, with a net profit of 48 million yuan, marking a turnaround from losses [1][2]. - The company's gross margin improved to 21.06% in Q2 2024, up by 5.36 percentage points year-on-year and 6.83 percentage points quarter-on-quarter, indicating a significant enhancement in profitability [2]. Summary by Sections Financial Performance - For H1 2024, the company achieved a revenue of 1.629 billion yuan, a 65.81% increase year-on-year, primarily due to market demand recovery and new business developments [2][8]. - The Q2 2024 revenue was 903 million yuan, reflecting a 61.79% year-on-year increase and a 24.26% quarter-on-quarter increase, with a net profit of 48 million yuan [1][2]. Product Development - The company is expanding its product lines, including Bumping, CP, FC-BGA, and automotive electronics, enhancing its one-stop delivery capability [3][4]. - The advanced packaging technology, including Wafer-level Packaging (WLP), is being actively developed, which is expected to open new growth opportunities [4][7]. Market Outlook - The company anticipates revenue growth to reach 3.202 billion yuan in 2024, 4.203 billion yuan in 2025, and 5.010 billion yuan in 2026, with net profits projected at 114 million yuan, 275 million yuan, and 380 million yuan respectively [8][10].