Yoke Technology(002409) GOLDEN SUN SECURITIES·2024-08-28 13:13Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook based on its performance and market position [2][4]. Core Views - The company achieved record-high revenue and net profit in H1 2024, with revenue reaching 3.257 billion yuan, a year-on-year increase of 40.21%, and net profit of 520 million yuan, up 52.19% year-on-year [1][2]. - The high demand for HBM materials, driven by AI applications, positions the company as a key player in the semiconductor precursor market, benefiting from partnerships with leading firms like SK Hynix [2][4]. - The company is the only domestic semiconductor precursor manufacturer with top-tier competitiveness in the storage sector, enhancing its market share and product offerings [2][4]. Financial Performance Summary - H1 2024 financials: - Revenue: 3.257 billion yuan, up 40.21% year-on-year - Net profit: 520 million yuan, up 52.19% year-on-year - Q2 2024 revenue: 1.638 billion yuan, up 30.91% year-on-year - Q2 2024 net profit: 274 million yuan, up 62.44% year-on-year [1][2]. - Revenue breakdown for H1 2024: - Precursor revenue: 919 million yuan, up 42.64% - Photoresist and related reagents: 858 million yuan, up 53.46% - LNG board: 717 million yuan, up 47.08% [2]. - Profitability metrics: - Q2 2024 gross margin: 37.78%, up 5.30 percentage points year-on-year - Q2 2024 net margin: 17.09%, up 3.27 percentage points year-on-year [1][2]. Future Projections - Expected revenue for 2024-2026: - 2024: 6.940 billion yuan - 2025: 8.350 billion yuan - 2026: 9.800 billion yuan - Expected net profit for 2024-2026: - 2024: 1.155 billion yuan - 2025: 1.337 billion yuan - 2026: 1.634 billion yuan - Corresponding P/E ratios are projected to be 21.1, 18.2, and 14.9 for 2024, 2025, and 2026 respectively [2][3].