Leadmicro(SH:688147) Guohai Securities·2024-09-05 15:00Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1][8]. Core Views - The company's performance is under short-term pressure, but its platform layout is accelerating [1]. - The company has a strong order backlog, with total orders amounting to 8.085 billion yuan as of June 30, 2024, including 6.667 billion yuan in photovoltaic orders and 1.344 billion yuan in semiconductor orders [3][4]. - The company is focusing on thin film deposition processes, with significant growth in the semiconductor and photovoltaic sectors [4][6]. Financial Performance Summary - For H1 2024, the company reported revenue of 787 million yuan, a year-on-year increase of 105.97%, while net profit attributable to shareholders decreased by 37.51% to 43 million yuan [2][4]. - The company's gross margin for H1 2024 was 38.40%, down 4.60 percentage points year-on-year, and the net margin was 5.44%, down 12.51 percentage points year-on-year [4][8]. - The company expects revenues of 3.987 billion yuan, 5.100 billion yuan, and 5.806 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 574 million yuan, 764 million yuan, and 957 million yuan [7][8]. Market Data Summary - As of September 3, 2024, the company's stock price is 21.26 yuan, with a market capitalization of approximately 9.73 billion yuan [3][8]. - The stock has a 52-week price range of 20.50 to 51.49 yuan, and the average daily trading volume is 57.50 million yuan [3][8]. - The company has a high turnover rate of 43.56% over the past month [3].