Lianovation(SH:600363) EBSCN·2024-09-03 01:14Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a revenue of 1.547 billion yuan for H1 2024, a year-on-year decrease of 6.77%, while the net profit attributable to shareholders was 229 million yuan, a year-on-year increase of 6.38% [1] - The company plans to include Lianchuang Superconductor in its consolidated financial statements, which is expected to enhance its long-term growth potential [1] - The company is focusing on two core industries: high-temperature superconductors and laser countermeasure systems, with significant advancements in both areas [1] Financial Performance Summary - H1 2024 revenue: 1.547 billion yuan, down 6.77% YoY; net profit: 229 million yuan, up 6.38% YoY; gross margin: 18.70%, net margin: 16.80% [1] - Q2 2024 revenue: 829 million yuan, down 4.74% YoY but up 15.40% QoQ; net profit: 124 million yuan, up 2.56% YoY and 17.66% QoQ [1] - Revenue breakdown: Laser series and traditional LED chips: 46 million yuan (down 64% YoY); smart control series: 883 million yuan (down 11% YoY); backlight and application products: 505 million yuan (up 10% YoY); optoelectronic communication and intelligent equipment: 75 million yuan (up 46% YoY) [1] Future Profit Forecast - The net profit forecasts for 2024 and 2025 have been adjusted to 456 million yuan and 562 million yuan, respectively, reflecting a decrease of 22.51% and 18.31% [1] - A new forecast for 2026 net profit is set at 663 million yuan, with corresponding PE ratios of 25X, 20X, and 17X for 2024, 2025, and 2026 [1]