Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 1.57 billion yuan in H1 2024, representing a 39% year-on-year increase, driven by growth in semiconductor demand [2] - The company maintains its profit forecast for 2024-2026, expecting net profits of 0.45 billion yuan, 0.62 billion yuan, and 0.79 billion yuan respectively, with corresponding EPS of 0.60 yuan, 0.83 yuan, and 1.06 yuan per share [2] - The company is focusing on high-end quartz products for the semiconductor industry, with significant progress in product certification and capacity expansion [2] Financial Summary - Revenue for 2024 is projected to be 303 million yuan, with a year-on-year growth of 16.6% [3] - The gross profit margin for 2024 is expected to be 40.6%, with a net profit margin of 15.0% [3] - The company’s P/E ratio is projected to decrease from 25.5 in 2024 to 14.6 in 2026, indicating an improving valuation [3][5] Revenue Breakdown - Revenue from semiconductor quartz products increased by 48.24% to 1.21 billion yuan in H1 2024, while revenue from photovoltaic quartz products grew by 5.21% to 0.32 billion yuan [2] - The subsidiary Kaide Xincheng contributed a net profit of 0.17 billion yuan in H1 2024, reflecting strong performance [2] Strategic Developments - The company is accelerating the certification process for 8-12 inch high-end quartz products, with stable supply for 8-inch products and breakthroughs in 12-inch products [2] - The new factory in Yizhuang has commenced production, contributing to the company's capacity ramp-up [2]
凯德石英：北交所信息更新：半导体用石英制品收入高增48%，光伏用石英制品毛利率提升较大