英杰电气：2024年半年报点评：光伏验收推进，半导体射频电源持续放量

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights the progress in photovoltaic acceptance and the continuous growth in semiconductor RF power supply [1][2] - The company achieved a revenue of 797 million yuan in the first half of 2024, representing a year-on-year increase of 23.88%, with a net profit attributable to shareholders of 178 million yuan, up by 9.17% [1] - The gross margin improved to 42.23%, an increase of 3.68 percentage points year-on-year, while the net profit margin was 22.28%, a decrease of 3 percentage points year-on-year [1] Financial Performance Summary - In Q2 2024, the company reported a revenue of 423 million yuan, a year-on-year increase of 2.85% and a quarter-on-quarter increase of 12.84% [1] - The net profit for Q2 2024 was 98 million yuan, down 9.11% year-on-year but up 22.1% quarter-on-quarter [1] - The gross margin for Q2 2024 was 42.47%, an increase of 5.5 percentage points year-on-year, while the net profit margin was 23.1%, a decrease of 3.04 percentage points year-on-year [1] Business Segments - Photovoltaic revenue for the first half of 2024 was 398 million yuan, a year-on-year increase of 13.79%, accounting for 49.92% of total revenue, with a gross margin of 31.31%, down 2.55 percentage points [1] - Revenue from semiconductor and electronic materials sales reached 185 million yuan, a year-on-year increase of 122.55%, accounting for 23.24% of total revenue, with a gross margin of 58.81%, down 11.05 percentage points [1] - Revenue from other industry sectors was 213 million yuan, accounting for 26.66% of total revenue, with a gross margin of 48.55% [1] Future Projections - The company forecasts revenues of 2.399 billion yuan, 2.870 billion yuan, and 3.600 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 546 million yuan, 725 million yuan, and 944 million yuan for the same years [4] - The diluted EPS is projected to be 2.5 yuan, 3.3 yuan, and 4.3 yuan for 2024, 2025, and 2026 respectively [1][4]