FHEC(688362) 甬兴证券·2024-09-01 08:33Investment Rating - The report maintains a "Buy" rating for the company [3][11]. Core Insights - The company achieved significant revenue growth in H1 2024, with revenue approximately 1.629 billion yuan, a year-on-year increase of 65.81%, and a net profit of approximately 12.11 million yuan, marking a turnaround from losses [1]. - In Q2 2024, the company reported revenue of about 903 million yuan, a year-on-year increase of 61.79%, and a net profit of approximately 47.56 million yuan, reflecting a substantial improvement compared to the previous quarter [1]. - The gross margin for H1 2024 reached 18.01%, an increase of 5.83 percentage points year-on-year, primarily due to the gradual realization of scale effects [1]. - The company is expanding its product lines and enhancing its one-stop delivery capabilities in advanced packaging and automotive electronics, including Bumping, CP, and FCBGA [1]. - The company has made significant advancements in R&D, developing advanced packaging technologies such as fan-out and 2.5D/3D packaging, which are expected to contribute to sustainable performance growth [1]. Financial Summary - The company is projected to achieve net profits of 114 million yuan, 255 million yuan, and 447 million yuan for the years 2024, 2025, and 2026, respectively, with corresponding EPS of 0.28 yuan, 0.62 yuan, and 1.09 yuan [2]. - The expected PE ratios for the same years are 63.22, 28.23, and 16.09, indicating a favorable outlook as the semiconductor cycle recovers [2]. - Revenue is forecasted to grow from 3.275 billion yuan in 2024 to 5.909 billion yuan in 2026, with annual growth rates of 37.0%, 35.2%, and 33.5% [2].