高测股份：2024年半年报点评：业绩短期承压，静待盈利修复

Investment Rating - The report maintains a "Buy" rating for the company [1][21] Core Views - The company's performance has been impacted by the photovoltaic industry chain, with a revenue of 2.646 billion yuan in the first half of 2024, a year-on-year increase of 4.96%. However, the net profit attributable to shareholders decreased by 61.80% to 273 million yuan [2][10] - The company's gross margin for the first half of 2024 was 26.19%, down 20.58 percentage points year-on-year, indicating a decline in profitability [12][14] - The company is expected to benefit from increased production capacity in the slicing subcontracting segment and improved efficiency in diamond wire production, which may enhance market share and profitability in the future [3][20] Summary by Sections Financial Performance - In H1 2024, total revenue reached 2.646 billion yuan, with photovoltaic cutting equipment revenue at 1.349 billion yuan (up 67% year-on-year), slicing subcontracting revenue at 750 million yuan (down 11%), and diamond wire revenue at 334 million yuan (down 52%) [2][10] - The net profit attributable to shareholders was 273 million yuan, a decrease of 61.80% year-on-year, while the non-recurring net profit was 238 million yuan, down 65.67% [2][10] Profitability Analysis - The gross margin for H1 2024 was 26.19%, with a significant decline in the second quarter to 19.00%, reflecting the overall price decline in the photovoltaic industry [12][14] - The net profit margin for H1 2024 was 10.31%, down 18.01 percentage points year-on-year, indicating reduced profitability [12][14] Operational Metrics - As of Q2 2024, the company's contract liabilities were 357 million yuan (down 46% year-on-year), and inventory was 1.1 billion yuan (down 30%) [15][17] - The company had a backlog of orders for photovoltaic cutting equipment amounting to 1.293 billion yuan [15] Market Position and Future Outlook - The slicing subcontracting capacity exceeded 60 GW, with expectations for increased market share due to technological advantages [3][20] - The company aims to enhance the efficiency of diamond wire production, with a focus on reducing costs and increasing output [20]