精测电子：半导体业务在手订单充裕，核心产品实现订单突破

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company reported a revenue of 1.121 billion yuan for H1 2024, a year-on-year increase of 0.96%, and a net profit attributable to shareholders of 50 million yuan, a significant increase of 312% [6][7] - The semiconductor business showed strong growth with revenue reaching 228 million yuan, up 86.17% year-on-year, and the company has a backlog of orders amounting to approximately 1.767 billion yuan [6][7] - The display business is gradually recovering, with H1 2024 revenue of 776 million yuan, a year-on-year increase of 5.35%, and a backlog of orders of about 1.038 billion yuan [6][7] - The new energy business experienced a decline, with revenue of 94 million yuan, down 59.83% year-on-year, and a backlog of orders of approximately 637 million yuan [7] - The company is expected to achieve net profits of 220 million yuan, 390 million yuan, and 480 million yuan for the years 2024, 2025, and 2026 respectively, with corresponding price-to-earnings ratios of 68x, 39x, and 31x [7] Financial Summary - For H1 2024, the company achieved a gross margin of 43.09%, a slight decrease of 0.67 percentage points year-on-year [6] - In Q2 2024, the company reported a revenue of 703 million yuan, a year-on-year increase of 38.14%, and a net profit attributable to shareholders of 66 million yuan, a year-on-year increase of 30,024% [6][7] - The company’s gross margin for Q2 2024 was 40.76%, down 1.13 percentage points year-on-year [6][7]