Wuhan Jingce Electronic (300567) 西南证券·2024-08-28 13:31Investment Rating - The report maintains a "Buy" rating for Jingce Electronic (300567) [1] Core Views - Semiconductor business is rapidly expanding, while display business is gradually recovering [2] - The company achieved revenue of 1.12 billion yuan in H1 2024, a year-on-year increase of 1.0% [2] - Net profit attributable to the parent company was 49.83 million yuan, a significant year-on-year increase of 312.0% [2] - The company's gross profit margin was 43.1% in H1 2024, a slight decrease of 0.7 percentage points year-on-year [2] - The net profit margin was 3.9%, an increase of 4.6 percentage points year-on-year [2] Business Performance Revenue Breakdown - Display business revenue: 780 million yuan, up 5.4% year-on-year [2] - Semiconductor business revenue: 230 million yuan, up 86.2% year-on-year [2] - New energy business revenue: 90 million yuan, down 59.8% year-on-year [2] Order Backlog - Total order backlog: 3.44 billion yuan, up 10.0% year-on-year [2] - Display orders: 1.04 billion yuan, down 17.1% year-on-year [2] - Semiconductor orders: 1.77 billion yuan, up 29.5% year-on-year [2] - New energy orders: 670 million yuan, up 30.0% year-on-year [2] R&D and Product Development - R&D investment in H1 2024: 300 million yuan, up 2.6% year-on-year [3] - Display R&D: 140 million yuan, down 6.9% year-on-year [3] - Semiconductor R&D: 130 million yuan, up 31.3% year-on-year [3] - New energy R&D: 30 million yuan, down 31.1% year-on-year [3] - The company established Shenzhen Jingce to expand into AR/VR-related businesses in the new display field [3] - Micro-OLED module testing equipment has been delivered to global top customers [3] - The company has reached core optical instrument customization cooperation with leading AR customers [3] Financial Projections - Expected net profit attributable to the parent company: - 2024: 240 million yuan [3] - 2025: 320 million yuan [3] - 2026: 450 million yuan [3] - Expected PE ratio: - 2024: 61x [3] - 2025: 45x [3] - 2026: 33x [3] - Expected revenue growth rate: - 2024: 17.92% [4] - 2025: 25.60% [4] - 2026: 22.96% [4] Industry Trends - Display business recovery driven by: - Large-size OLED new factory investments [2] - AIPC and AI phone equipment updates [2] - Micro-OLED expansion projects [2] - Production automation upgrades in old production lines [2] - Semiconductor business growth supported by: - Data center development [3] - Supercomputing industry expansion [3] - AI industry growth [3]