菲利华2024年半年度报告点评：半导体稳步增长，研发投入持续加大

Investment Rating - The report assigns a "Buy" rating to the company, indicating an expected stock price increase of over 15% compared to the benchmark index [6][17]. Core Viewpoints - The semiconductor sector is experiencing steady growth, while the aerospace sector is facing a temporary decline in orders. The company reported a revenue of 915 million yuan for the first half of 2024, a year-on-year decrease of 10.54%, and a net profit attributable to shareholders of 172 million yuan, down 39.94% year-on-year [2][3]. - The company is maintaining high levels of R&D investment, with R&D expenses reaching 131 million yuan, a year-on-year increase of 37.77%, reflecting a commitment to innovation and product development [4][6]. - The company has successfully developed two high-performance composite material projects and advanced its optical products, indicating strong capabilities in extending its industrial chain [5][6]. Summary by Sections Financial Performance - In Q1 2024, the company achieved a revenue of 410 million yuan, down 17.81% year-on-year, and a net profit of 77 million yuan, down 30.77% year-on-year. In Q2 2024, revenue was 505 million yuan, down 3.61%, with a net profit of 95 million yuan, down 45.80% [3][4]. - The revenue structure for the first half of 2024 shows that quartz glass materials accounted for 57.89% of total revenue, a decrease of 7.97 percentage points, while quartz glass products accounted for 41.53%, an increase of 11.25 percentage points [3][4]. R&D and Innovation - The company has increased its R&D project count and investment, with R&D expenses constituting 14.28% of total revenue, up 5.01 percentage points year-on-year [4][6]. - The company is recognized for its leading position in the domestic market for large-scale synthetic quartz glass manufacturing technology [5][6]. Profitability and Forecast - The company's gross margin for the first half of 2024 was 42.85%, down 7.28 percentage points year-on-year, and the net margin was 19.88%, down 9.63 percentage points year-on-year [4][6]. - Future profit forecasts estimate net profits of 557 million yuan, 749 million yuan, and 950 million yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 29.25, 21.75, and 17.15 [6][10].