Yoke Technology(SZ:002409) Haitong Securities·2024-09-03 00:39Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company's performance is significantly boosted by semiconductor materials, photoresists, and LNG insulation materials, with a revenue of 3.257 billion yuan in the first half of 2024, representing a year-on-year growth of 40.21%. The net profit attributable to the parent company reached 520 million yuan, up 52.19% year-on-year [5] - The company is progressing well in the certification process for new material products, achieving full coverage with major domestic storage and logic chip manufacturers, and has begun sample testing for power devices and RF chips [6] - The company plans to invest 897 million yuan in a project to produce 24,000 tons of electronic materials annually, expected to be completed by December 2025, which will enhance its competitiveness in the silicon powder business [6] Financial Summary - The company forecasts net profits of 963 million yuan, 1.309 billion yuan, and 1.719 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 2.02 yuan, 2.75 yuan, and 3.61 yuan [6][9] - The projected revenue for 2024 is 6.425 billion yuan, with a year-on-year growth of 35.6% [7] - The gross margin is expected to improve from 31.3% in 2023 to 33.9% in 2026 [9][10]