精智达：公司事件点评报告：存储和显示双轮驱动，检测设备国产化加速

Investment Rating - The report maintains an "Accumulate" investment rating for the company [1] Core Insights - The company achieved a revenue of 362 million yuan in the first half of 2024, representing a year-on-year growth of 46.15%. The net profit attributable to shareholders was 38 million yuan, up 10.57% year-on-year, with a net profit excluding non-recurring gains and losses of 31 million yuan, increasing by 45.34% [1][3] - The second quarter of 2024 saw a revenue of 279 million yuan, a year-on-year increase of 41.96%, and a net profit of 53 million yuan, up 46.88% year-on-year. The gross margin reached 43.21%, a significant increase of nearly 10 percentage points quarter-on-quarter, indicating high-quality growth in overall operational scale and profitability [1][3] - The company is a core manufacturer of new display detection equipment, with growth driven by increased demand for displays. The launch of two domestic G8.6 AMOLED production lines is expected to stimulate a new round of equipment demand [1][3] - The company is actively developing testing equipment suitable for G8.6 AMOLED and is making rapid progress in the front-end Array detection equipment segment. It is also expanding into micro-display fields such as Micro LED and Micro OLED [1][3] Financial Forecast - The company is projected to achieve revenues of 903 million yuan, 1.203 billion yuan, and 1.582 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding EPS of 1.63 yuan, 2.16 yuan, and 2.69 yuan. The current stock price corresponds to PE ratios of 24.7, 18.6, and 15.0 times for the respective years [3][5] - Revenue growth rates are forecasted at 39.2% for 2024, 33.3% for 2025, and 31.5% for 2026, while net profit growth rates are expected to be 32.5%, 32.6%, and 24.3% for the same years [5][3]