Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company benefits from the recovery in downstream demand for PCB tools, with new businesses in materials and equipment rapidly expanding [1] - In the first half of 2024, the company achieved revenue of 713 million yuan, a year-on-year increase of 22.30%, while net profit attributable to shareholders decreased by 16.05% to 89 million yuan [1] - The company is focusing on high-end fields such as AI and semiconductors, optimizing its product structure, and expanding into emerging markets [1] Summary by Sections Financial Performance - In Q2 2024, the company achieved revenue of 380 million yuan, a year-on-year increase of 23.96%, with net profit attributable to shareholders increasing by 28.20% to 48 million yuan [1] - The gross margin for H1 2024 was 34.66%, down 1.58 percentage points year-on-year, while the net margin was 12.49%, down 5.68 percentage points [1] - The company expects revenues of 1.69 billion yuan, 2.06 billion yuan, and 2.50 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 265 million yuan, 355 million yuan, and 448 million yuan [1] Business Segments - The PCB-related main business achieved stable growth, with tool revenue reaching 541 million yuan, a year-on-year increase of 12.10%, and grinding and polishing materials revenue of 70 million yuan, up 28.58% [1] - New businesses such as intelligent CNC equipment and functional film materials saw significant growth, with revenues of 24 million yuan and 68 million yuan respectively, representing year-on-year increases of 265.50% and 146.34% [1] Market Expansion - The company is increasing its efforts in overseas market expansion, with overseas revenue in H1 2024 reaching 35.14 million yuan, a year-on-year increase of 195.91% [1] - The company has made significant breakthroughs in vehicle-mounted light control film technology, with small batch deliveries to several Tier-1 and Tier-2 manufacturers [1]
鼎泰高科：PCB 刀具受益下游需求回暖，材料等新业务快速放量