NATA OPTO-ELECT(300346) 光大证券·2024-09-03 14:40Investment Rating - The report maintains an "Accumulate" rating for the company [5]. Core Insights - The company's performance in the first half of 2024 shows steady growth, with revenue reaching 1.122 billion yuan, a year-on-year increase of 35.9%, and a net profit attributable to shareholders of 179 million yuan, up 17.4% year-on-year [1][2]. - The significant increase in the precursor business, particularly high-value new products, has led to a substantial rise in gross margin, contributing to overall revenue and profit growth that slightly exceeds previous expectations [2]. Summary by Relevant Sections Financial Performance - In H1 2024, the company achieved revenue of 1.122 billion yuan, a 35.9% increase year-on-year, and a net profit of 179 million yuan, reflecting a 17.4% growth [1]. - In Q2 2024, the company reported a revenue of 613 million yuan, a 43.3% year-on-year increase, and a net profit of 96.58 million yuan, up 25.0% year-on-year [1]. Business Segments - The electronic specialty gas business generated revenue of 716 million yuan in H1 2024, a 16.1% increase year-on-year, with a gross margin of 46.5% [2]. - The precursor business (including MO source) saw revenue of 274 million yuan, a remarkable 73.6% increase year-on-year, with a gross margin of 48.5%, up 12.9 percentage points [2]. Capacity and Production - The company’s electronic specialty gas capacity utilization rate was 91.4%, an increase of approximately 3.6 percentage points compared to 2023 [2]. - The precursor capacity utilization rate reached 75.0%, a significant increase of about 24.4 percentage points from 2023 [2]. Profit Forecast and Valuation - The profit forecast for 2024-2026 has been adjusted upwards, with expected net profits of 337 million yuan (up 21.0%), 450 million yuan (up 28.0%), and 582 million yuan (up 32.3%) respectively [2].