UNICOMP(SH:688531) Huaan Securities·2024-09-02 16:08Investment Rating - The investment rating for the company is "Buy" (maintained) [1][2] Core Views - The company has shown significant improvement in profitability in the first half of 2024, driven by R&D efforts that support domestic substitution of X-ray sources and expansion of equipment product lines [1][2] - The company achieved a revenue of 333 million yuan in the first half of 2024, representing a year-on-year growth of 21.01%, with a net profit attributable to the parent company of 77 million yuan, up 40.58% year-on-year [1] - The gross margin increased to 45.43%, up 6.36 percentage points year-on-year, while the net margin reached 23.08%, an increase of 3.21 percentage points year-on-year [1] Financial Performance Summary - For the second quarter of 2024, the company reported revenue of 183 million yuan, a year-on-year increase of 11.27%, and a net profit of 43 million yuan, up 5.94% year-on-year [1] - The X-ray detection segment generated revenue of 291 million yuan in the first half of 2024, a year-on-year increase of 20.42%, with a gross margin of 41.45% [1] - The company has established a leading position in the domestic market for X-ray detection equipment, with significant collaborations in the integrated circuit and electronic manufacturing sectors [2] Revenue and Profit Forecast - The company forecasts revenues of 773 million yuan, 1.032 billion yuan, and 1.346 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 172 million yuan, 235 million yuan, and 309 million yuan for the same years [2][3] - The projected diluted EPS for 2024, 2025, and 2026 is 1.5 yuan, 2.1 yuan, and 2.7 yuan respectively, with corresponding P/E ratios of 26, 19, and 14 [2][3] Market Position and Product Development - The company is recognized as a leader in industrial X-ray detection equipment, with strong capabilities in domestic substitution of X-ray sources [2] - The company has developed a series of micro-focus X-ray sources and is expanding its product line to include high-end online 3D/CT equipment and AI intelligent detection technologies [1][2] - The company has established partnerships with major clients in the integrated circuit and electronic manufacturing sectors, including Infineon, Amphenol, and BYD Semiconductor [1][2]