JHT(SH:603061) Huaxin Securities·2024-09-09 14:08Investment Rating - The report maintains an "Accumulate" rating for the company [1]. Core Views - The company's revenue for the first half of 2024 was 183 million yuan, a year-on-year decrease of 1.65%, while the net profit attributable to shareholders was 40 million yuan, down 11.75% year-on-year. However, the second quarter showed significant improvement with a revenue of 95 million yuan, a year-on-year increase of 11.72%, and a net profit of 25 million yuan, up 89.73% year-on-year and 66.42% quarter-on-quarter [1][3]. - The company is focusing on product innovation and technology upgrades to strengthen its competitive edge, referred to as a "moat." New testing functions have been added to existing products, and the EXCEED-9800 series has entered mass production [1][2]. - The company is actively expanding its market presence, with ongoing construction of the "Semiconductor Testing Equipment Intelligent Manufacturing and Innovation R&D Center" and the "Malaysia Production and Operation Center" project, aimed at enhancing service capabilities in Southeast Asia [2][3]. Financial Summary - The company forecasts revenues of 459 million yuan, 575 million yuan, and 714 million yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 2.32 yuan, 3.02 yuan, and 3.42 yuan. The current stock price corresponds to PE ratios of 25.6, 19.7, and 17.4 times for the respective years [3][5]. - The report indicates a significant increase in sales expenses by 30.60% year-on-year, primarily due to rising salaries for sales personnel, overseas agency fees, and after-sales service costs [1].