鼎泰高科：2024H1公司营收延续稳步增长态势，第二成长曲线实现快速增长公司研究/公司快报

Investment Rating - The report maintains a "Buy-B" rating for the company, indicating an expected price increase of over 15% relative to the benchmark index [1][3]. Core Views - The company achieved a revenue of 713 million yuan in H1 2024, representing a year-on-year growth of 22.30%. However, the net profit attributable to shareholders decreased by 16.05% to 88.86 million yuan [1]. - The growth in revenue is primarily driven by the recovery in the PCB industry and the deepening application of AI technologies [1]. - The company is focusing on high-end product areas such as AI and semiconductors, which has led to a steady increase in revenue [1]. - The company is expanding its overseas market presence, with a production base in Thailand expected to support further revenue growth [1]. Financial Performance Summary - For H1 2024, the company reported a gross margin of 34.66%, down 1.58 percentage points from the previous year. The net profit for H1 2024 was 88.86 million yuan, while the non-recurring net profit was 75.24 million yuan, reflecting a 1% increase year-on-year [1]. - The company expects to achieve revenues of 1.683 billion yuan, 2.065 billion yuan, and 2.423 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 27.4%, 22.7%, and 17.3% [3]. - The projected net profits for the same years are 270 million yuan, 355 million yuan, and 457 million yuan, with corresponding year-on-year growth rates of 23.1%, 31.4%, and 28.9% [3]. - The earnings per share (EPS) are expected to be 0.66 yuan, 0.87 yuan, and 1.12 yuan for 2024, 2025, and 2026, respectively [3]. Business Development - The company is actively developing its second growth curve, with significant revenue growth in new business areas such as grinding and polishing materials, functional film materials, and intelligent CNC equipment [1]. - In H1 2024, the revenue from grinding and polishing materials reached 69.66 million yuan, a year-on-year increase of 28.58% [1]. - The functional film materials segment achieved revenue of 68.37 million yuan, growing by 146.34% year-on-year, indicating successful advancements in technology [1].