中微公司：24H1营收高增，订单指引预示未来业绩高增

Investment Rating - The investment rating for the company is "Buy" (maintained) with a market price of 127.45 CNY per share [1]. Core Views - The company has shown significant revenue growth, with a forecasted increase in new orders for 2024, indicating a strong upward trend in performance [4][10]. - The company is experiencing pressure on net profit margins due to increased R&D expenses, but the overall order growth and production capacity suggest a positive outlook for future earnings [6][10]. Summary by Sections Financial Performance - For the first half of 2024 (24H1), the company reported revenue of 3.448 billion CNY, a year-on-year increase of 36%. However, the net profit attributable to shareholders was 517 million CNY, a decrease of 48% year-on-year [5]. - The gross margin for 24H1 was 41.32%, down 2.59 percentage points from the previous year, primarily due to fluctuations in customer and product mix [5]. - The company expects new orders for 2024 to be between 11 billion and 13 billion CNY, representing a growth of 32% to 56% compared to 2023 [5]. Orders and Production - The company signed new orders worth 4.7 billion CNY in 24H1, a 40% increase year-on-year. The total new orders for the first three quarters of 2024 exceeded 7.5 billion CNY, up over 50% year-on-year [6]. - The company’s contract liabilities (prepayments) at the end of 24H1 were 2.535 billion CNY, showing a significant increase from 772 million CNY at the end of 2023 [6]. R&D and Technological Advancements - The company has made significant breakthroughs in advanced equipment development, including successful validation and mass production of high aspect ratio etching equipment [7]. - The R&D expenses for 24H1 reached 568 million CNY, a 95% increase year-on-year, accounting for 16.47% of revenue [6]. Profit Forecast - The net profit forecast for 2024-2026 has been adjusted to 1.8 billion, 2.42 billion, and 3.34 billion CNY respectively, reflecting the impact of fluctuating gross margins on net profit [10].