高测股份：出清进行时，期待盈利回升

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming months [2][3]. Core Views - The company reported a revenue of 2.646 billion yuan in the first half of 2024, a year-on-year increase of 4.96%, but the net profit attributable to shareholders decreased by 61.80% to 273 million yuan, primarily due to the oversupply in the photovoltaic industry and declining prices along the supply chain [1][2]. - The report anticipates a recovery in profitability as the industry undergoes capacity clearing, with the company expected to gain a larger market share post-recovery [2][3]. Financial Performance Summary - Revenue and Profitability: In Q2 2024, the company achieved a revenue of 1.226 billion yuan, down 2.82% year-on-year, with a net profit of 61 million yuan, reflecting an 83.91% decline [1]. - Gross Margin: The gross margin for Q2 2024 was 19.00%, a decrease of 31.40 percentage points year-on-year, while the net margin was 4.98%, down 25.09 percentage points year-on-year [1]. - Order Backlog: As of June 30, 2024, the company had a backlog of orders for photovoltaic cutting equipment amounting to 1.293 billion yuan [1]. Business Segment Performance - Photovoltaic Cutting Equipment: The company generated 1.349 billion yuan in revenue from this segment in the first half of 2024, a year-on-year increase of 66.95%, with a gross margin of 24.03% [2]. - Cutting Materials: Revenue from cutting materials was 334 million yuan, a decline of 51.67% year-on-year, with a gross margin of 24.12% [2]. - Silicon Wafer and Cutting Services: This segment reported revenue of 750 million yuan, down 10.79% year-on-year, with a gross margin of 20.03% [2]. Future Projections - The report forecasts the company's net profit attributable to shareholders to be 410 million yuan in 2024, 430 million yuan in 2025, and 610 million yuan in 2026, with corresponding P/E ratios of 14, 14, and 10 times [2][3].