Yoke Technology(002409) 国联证券·2024-09-01 07:14Investment Rating - The report maintains a "Buy" rating for the company, reflecting positive outlook on its growth potential [5] Core Views - The company achieved record-high Q2 performance, with significant growth in revenue and net profit [6] - Electronic materials business is accelerating, with strong growth in semiconductor chemical materials and photoresist products [6] - LNG insulation board business is developing steadily, contributing to revenue diversification [6] Financial Performance - H1 2024 revenue reached 3.257 billion yuan, up 40.21% YoY [2] - Net profit attributable to shareholders was 520 million yuan, increasing 52.19% YoY [2] - Basic EPS stood at 1.09 yuan per share [2] Business Segments - Semiconductor chemical materials: 918 million yuan revenue, 42.64% YoY growth, 59.09% gross margin [6] - Photoresist and supporting reagents: 857 million yuan revenue, 53.46% YoY growth, 19.26% gross margin [6] - LNG insulation composite materials: 717 million yuan revenue, 47.08% YoY growth, 29.74% gross margin [6] Future Projections - 2024-2026 revenue forecast: 6.987/8.632/10.656 billion yuan, with 47.47%/23.55%/23.45% growth rates [7] - 2024-2026 net profit forecast: 1.039/1.389/1.787 billion yuan, with 79.38%/33.62%/28.63% growth rates [7] - 2024-2026 EPS forecast: 2.18/2.92/3.75 yuan per share [7] Valuation Metrics - Current PE ratio: 26x [7] - 2024-2026 PE ratios: 26x/19x/15x [7] - Current PB ratio: 3.5x [8] - 2024-2026 PB ratios: 3.5x/3.1x/2.7x [8]