奥特维：事件点评：签订重要合同，未来业绩有望增厚

Investment Rating - The report maintains a "Buy" rating for the company [6][25]. Core Views - The company signed an important contract worth approximately 900 million RMB (including tax) with a leading overseas photovoltaic enterprise, which is expected to positively impact future performance [2]. - In the first half of 2024, the company achieved a revenue of approximately 4.42 billion RMB, a year-on-year increase of 75.5%, and a net profit of approximately 770 million RMB, a year-on-year increase of 47.2% [3]. - The domestic photovoltaic industry is facing overcapacity, but the company is expected to maintain growth through new cost-effective equipment and upgrades to existing equipment [5][25]. Financial Performance - For the first half of 2024, the company reported a revenue of approximately 44.2 billion RMB, a year-on-year increase of 75.5%, and a net profit of approximately 7.7 billion RMB, a year-on-year increase of 47.2% [3]. - The company expects revenues for 2024-2026 to be 98.0 billion, 124.5 billion, and 150.7 billion RMB, with year-on-year growth rates of 55.5%, 27.1%, and 21.0% respectively [5][10]. - The average gross margin for the first half of 2024 was approximately 33.8%, a decrease of 2.8 percentage points year-on-year [3]. Market Trends - The report highlights a significant trend of localizing photovoltaic manufacturing overseas due to international trade tensions, which is leading to increased demand for equipment from Chinese manufacturers [4]. - The company is positioned to benefit from this trend, as evidenced by the recent contract with an overseas photovoltaic leader [4][5]. Future Outlook - The company is expected to continue its growth trajectory by launching new equipment and expanding its semiconductor testing equipment business, alongside increasing overseas orders [5][25]. - The projected net profit for 2024-2026 is expected to be 17.1 billion, 23.7 billion, and 30.7 billion RMB, with year-on-year growth rates of 36.5%, 38.7%, and 29.3% respectively [5][10].