Shenzhen SEICHI Technologies (SH:688627) Great Wall Securities·2024-09-14 07:39Investment Rating - The report assigns an "Accumulate" rating to the company, indicating a positive outlook for the stock over the next six months [1]. Core Views - The company's H1 2024 performance shows significant growth, with revenue reaching 362 million yuan, a year-on-year increase of 46.15%, and net profit of 38 million yuan, up 10.57% year-on-year [1][2]. - The dual drivers of display and storage markets are expected to enhance profitability, with the semiconductor equipment market projected to grow by 4% in 2024 [3][4]. - The company is actively expanding its business through R&D investments and partnerships, focusing on integrated circuit testing equipment and new display device testing solutions [2][3]. Financial Performance Summary - Revenue for 2024 is projected to be 914 million yuan, with a year-on-year growth rate of 41.0% [1][7]. - The net profit for 2024 is estimated at 154 million yuan, reflecting a growth rate of 33.1% [1][7]. - The company's gross margin for H1 2024 was 40.97%, an increase of 3.51 percentage points year-on-year [2]. - The company has maintained a strong focus on R&D, with R&D expenses increasing, contributing to long-term competitive advantages [2][4]. Business Development - The company has made significant advancements in new product development, including a high-speed front-end interface ASIC chip and various testing machines for semiconductor storage [3][4]. - The company is enhancing its market position in the display device testing sector, with successful collaborations with major manufacturers like BOE and TCL [3][4]. - The strategic focus on both new display device testing and semiconductor storage testing is expected to drive future growth and market share [3][4].