Leadmicro(SH:688147) Soochow Securities·2024-09-02 14:00Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's performance is under pressure due to increased R&D investment, but the semiconductor business is expected to continue growing [2][3] - In the first half of 2024, the company achieved revenue of 787 million yuan, a year-on-year increase of 105.97%, primarily due to an increase in equipment acceptance [2][9] - The company's gross profit margin for the first half of 2024 was 38.40%, down 4.60 percentage points year-on-year, with a net profit margin of 5.44%, down 12.50 percentage points year-on-year [10][12] - The company has a substantial order backlog, with total orders amounting to 8.085 billion yuan as of the end of Q2 2024, indicating strong demand [13][17] Summary by Sections Financial Performance - In H1 2024, the company reported total revenue of 787 million yuan, with photovoltaic equipment revenue at 611 million yuan (up 84.76% YoY) and semiconductor equipment revenue at 152 million yuan (up 812.94% YoY) [2][9] - The net profit attributable to the parent company was 43 million yuan, a decrease of 37.51% YoY, primarily due to increased R&D and management expenses [2][9] - The company’s Q2 2024 revenue was 616 million yuan, showing a 101.2% increase YoY and a 261.04% increase QoQ [2][9] R&D and Margins - The company increased its R&D investment to 229 million yuan in H1 2024, accounting for 29.15% of revenue, with over 60% directed towards the semiconductor sector [10][12] - The gross margin for semiconductor equipment was 37.5%, while for photovoltaic equipment it was 37.3% [10][12] Order Backlog and Inventory - As of Q2 2024, the company had contract liabilities of 2.459 billion yuan (up 58% YoY) and inventory of 4.432 billion yuan (up 112% YoY), indicating a strong order backlog [13][14] - The order backlog included 6.667 billion yuan in photovoltaic orders (up 19% YoY) and 1.344 billion yuan in semiconductor orders (up 145% YoY) [13][14] Growth Prospects - The company is expanding its ALD and CVD processes in the semiconductor field, with significant orders coming from the storage sector [15][17] - In the photovoltaic sector, new orders in 2023 were 2.92 times that of the same period in 2022, with 80% of the increase coming from the top ten battery manufacturers [15][17] Profit Forecast and Valuation - The profit forecast for 2024-2026 has been adjusted to 400 million yuan (previously 630 million), 620 million yuan (previously 830 million), and 790 million yuan (previously 920 million) respectively [18] - The current stock price corresponds to dynamic P/E ratios of 24, 16, and 12 times for 2024, 2025, and 2026 respectively, leading to a maintained "Accumulate" rating based on valuation and growth potential [18]