Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 54.2 CNY [1][2]. Core Insights - The company achieved a revenue of 505 million CNY in H1 2024, representing a year-on-year increase of 17.49%. The gross margin was 30.42%, down by 8.67 percentage points. The net profit attributable to shareholders was 80 million CNY, up by 2.05%, while the net profit excluding non-recurring items decreased by 15.71% to 60 million CNY [1][2]. - In Q2 2024, the company reported a revenue of 286 million CNY, which is a year-on-year increase of 14.95% and a quarter-on-quarter increase of 30.73%. The gross margin was 26.90%, down by 10.99 percentage points year-on-year and 8.13 percentage points quarter-on-quarter. The net profit attributable to shareholders was 52 million CNY, up by 4.20% year-on-year and 84.44% quarter-on-quarter [1][2]. Revenue Growth and Market Dynamics - The company's revenue growth is supported by downstream wafer factory expansions and the launch of new products. In H1 2024, the revenue from temperature control equipment was 326 million CNY, up by 13.01% year-on-year, while the revenue from exhaust treatment equipment was 150 million CNY, up by 24.21% year-on-year [2]. - The semiconductor equipment market is expected to grow rapidly due to the ongoing expansion of wafer factories and the acceleration of domestic production processes. The company held a 35.73% market share in the domestic semiconductor temperature control equipment market in 2022, ranking first [2]. Product Development and R&D Investment - The company focuses on key core technology development and a diversified product structure to support long-term growth. In H1 2024, R&D investment increased by 63.28% to 45 million CNY [2]. - The company is advancing the platformization of wafer transfer equipment and key components while iterating the performance of temperature control and exhaust treatment equipment [2]. Financial Forecast - The company is projected to achieve net profits of 182 million CNY, 241 million CNY, and 320 million CNY for 2024, 2025, and 2026, respectively, with corresponding EPS of 1.08 CNY, 1.43 CNY, and 1.90 CNY [2][3]. - The report anticipates a revenue growth rate of 39.6% in 2024, followed by 33.6% in 2025 and 28.4% in 2026 [3].
京仪装备：2024年半年报点评：收入稳健增长，持续推进产品平台化布局