凯德石英：2024年半年报点评：半导体收入占比提升，费用端短期承压

Investment Rating - The report assigns a "Hold" rating to the company, suggesting investors should monitor the stock closely without making significant changes to their positions [2][18]. Core Insights - The company achieved a revenue of 160 million yuan in H1 2024, representing a year-on-year increase of 39.2%. However, the net profit attributable to shareholders slightly decreased by 1.6% to 19.71 million yuan [1][10]. - The semiconductor segment's revenue contribution increased to 77.0%, up 10.0 percentage points from the end of the previous year, leading to an overall gross margin improvement to 44.1% [1][11]. - The company is facing short-term pressure on expenses due to delays in high-end product certifications and increased costs related to stock options and credit impairment losses [1][12]. Summary by Sections Financial Performance - In H1 2024, the company reported a revenue of 160 million yuan, with a net profit of 19.71 million yuan and a non-recurring net profit of 19.38 million yuan, showing a 5.5% increase year-on-year [1][10]. - Q2 2024 saw a revenue of 72.05 million yuan, a 38.7% increase year-on-year but a 14.9% decrease quarter-on-quarter [1][10]. Product and Market Position - The company is transitioning from mid-to-low-end products to high-end quartz products, particularly in the semiconductor sector, where it has established a strong market presence [5][7]. - The company has successfully passed quality audits for its quartz production lines, which positions it well for future orders in the high-end semiconductor market [7][11]. Subsidiary Performance - The subsidiary, KaiDe XinBei, reported a net profit of 17.08 million yuan in H1 2024, contributing positively to the overall performance [8][9]. - The company is also progressing with its new plant, which is expected to gradually release production capacity [8][9]. Future Outlook - The company forecasts a steady increase in net profit for 2024-2026, with expected figures of 42.6 million yuan, 68.3 million yuan, and 108.7 million yuan respectively, corresponding to PE ratios of 26, 16, and 10 [2][18]. - The anticipated growth is driven by the increasing demand for high-end semiconductor quartz products and the gradual release of new production capacity [15][18].