Leadmicro(SH:688147) ZHESHANG SECURITIES·2024-09-06 08:03Investment Rating - The investment rating for the company is "Buy" [5] Core Insights - The company reported a revenue of 790 million yuan for H1 2024, a year-on-year increase of 106%, but the net profit attributable to shareholders decreased by 38% to 42.85 million yuan due to asset impairment losses and changes in product structure affecting gross margins [2][3] - The gross margin for H1 2024 was 38.4%, down 4.6 percentage points year-on-year, primarily due to changes in the structure of photovoltaic products and accounting standards [3] - The company has a strong order backlog of 8.085 billion yuan as of the end of Q2 2024, with semiconductor orders increasing by 145% year-on-year [3][4] Financial Summary - Revenue projections for 2024-2026 are 3.0 billion, 3.95 billion, and 4.6 billion yuan, representing year-on-year growth rates of 78%, 32%, and 16% respectively, with a CAGR of 24% [4] - Net profit projections for the same period are 410 million, 640 million, and 740 million yuan, with year-on-year growth rates of 51%, 55%, and 17%, respectively, and a CAGR of 35% [4] - The company’s P/E ratios are projected to be 23, 15, and 13 for 2024, 2025, and 2026, respectively [4] Business Segments - In the photovoltaic equipment segment, revenue reached 610 million yuan, up 85% year-on-year, accounting for 78% of total revenue, with a gross margin of 37.3% [2] - The semiconductor equipment segment saw revenue of 150 million yuan, a significant increase of 813% year-on-year, contributing 19% to total revenue with a gross margin of 37.45% [2] - The company is actively expanding in the semiconductor field, focusing on thin-film processes and has secured over 75% of new orders from the storage sector [4]