Novoray(SH:688300) Great Wall Securities·2024-08-28 10:19Investment Rating - The report maintains a rating of "Accumulate" for the company [1] Core Views - The company has experienced significant growth in revenue and net profit due to the recovery in semiconductor demand, with a 41.15% year-on-year increase in revenue for the first half of 2024 [1][6] - The company is positioned to benefit from the high-bandwidth memory (HBM) packaging materials market, which is expected to grow significantly in the coming years [1][6] - The focus on high-end chip packaging and advanced materials for applications in AI, 5G, and HPC is expected to drive future growth [1][6] Financial Summary - For Q2 2024, the company reported revenue of 241 million yuan, a quarter-on-quarter increase of 19.18%, and a net profit of 66 million yuan, up 27.36% quarter-on-quarter [4][5] - The gross margin improved to 42.79%, benefiting from an increased proportion of high-end products [4][5] - The company’s revenue for the first half of 2024 reached 443.36 million yuan, with a net profit of 117.49 million yuan, reflecting a year-on-year growth of 60.86% [7][9] Market Position and Growth Potential - The global HBM market is projected to grow from approximately 2.005 billion USD in 2023 to 4.976 billion USD by 2025, indicating a strong market opportunity for the company [1][6] - The company is recognized as a leading domestic supplier of functional powder materials, poised to benefit from the anticipated explosion in advanced packaging demand [1][6] - The forecasted net profits for 2024, 2025, and 2026 are 248 million yuan, 314 million yuan, and 385 million yuan, respectively, with corresponding P/E ratios of 30.9, 24.5, and 19.9 [1][11]