连城数控：2024年半年报点评：减值损失计提影响利润24Q2业绩略不及预期

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company's overall performance shows steady growth, with H1 2024 revenue and net profit both increasing: H1 2024 revenue reached 2.531 billion yuan, up 33.79% year-on-year; net profit attributable to the parent company was 321 million yuan, up 38.21% year-on-year [2] - The company's business is progressing as planned, with both domestic and international operations contributing positively to profitability: In H1 2024, revenue from crystal growth and processing equipment, battery cell and module equipment, and other supporting equipment was 2.049 billion, 57 million, and 413 million yuan respectively, with year-on-year changes of +37.59%, -30.54%, and +35.73% [2] - The company maintains strong cost control and emphasizes R&D, leading to a slight increase in R&D expenses: In Q2 2024, the R&D expense ratio was 5.21%, up 0.38 percentage points year-on-year [2] Financial Forecasts and Valuation - The profit forecast has been adjusted downward due to a slowdown in downstream expansion, with expected net profits for 2024, 2025, and 2026 at 696 million, 732 million, and 814 million yuan respectively, reflecting year-on-year growth of 2%, 5%, and 11% [3] - The company is expected to achieve steady growth in performance due to ongoing efforts to expand overseas market orders [3] - The latest diluted EPS for 2024 is projected to be 2.98 yuan, with a P/E ratio of 6.83 [3][4]