中科飞测：业绩短期承压，产品矩阵持续完善

Investment Rating - Buy (Maintained) [1] Core Views - The company reported revenue of RMB 464 million in H1 2024, a YoY increase of 26.91%, but net profit attributable to the parent company was -RMB 68 million, turning from profit to loss [4] - Gross margin declined to 46.23% in H1 2024 from 52.62% in 2023, mainly due to changes in accounting standards and product mix [4] - R&D expenses increased by 114.22% YoY to RMB 210 million in H1 2024, putting pressure on short-term profitability [4] - The company is continuously iterating existing products and expanding new product lines, with strong market share growth in key areas [5] - Revenue is expected to grow to RMB 1.363 billion in 2024, RMB 2.021 billion in 2025, and RMB 3.105 billion in 2026, with net profit reaching RMB 162 million, RMB 324 million, and RMB 559 million respectively [5] Financial Performance - Revenue in 2023 was RMB 891 million, a YoY increase of 74.9%, with net profit of RMB 140 million [6] - Gross margin in 2023 was 52.6%, with R&D expenses accounting for 25.6% of revenue [6] - Revenue is forecasted to grow by 53.0% in 2024 and 48.3% in 2025 [6] - Net profit margin is expected to be 11.9% in 2024 and 16.0% in 2025 [7] - ROE is projected to increase from 5.8% in 2023 to 11.4% in 2025 [7] Product Development - The company is advancing its product portfolio in wafer defect detection and metrology equipment, with strong market share growth [5] - New products in bright/dark field nano-pattern defect detection and overlay accuracy metrology are progressing well, with increasing customer orders [5] - The company is expanding its capabilities in advanced packaging technologies, including HBM and 2.5D/3D packaging [5] Valuation - The company's PE ratio is 100x for 2024, 50x for 2025, and 29x for 2026 based on the market cap as of September 2 [5] - PB ratio is expected to decline from 9.88x in 2023 to 5.71x in 2025 [7] - PS ratio is forecasted to decrease from 18.17x in 2023 to 8.01x in 2025 [7] Industry Context - The company operates in the semiconductor equipment sector, focusing on metrology and inspection equipment [1] - Domestic wafer fabs are expanding production, providing growth opportunities for the company's platform-based equipment solutions [5]