新莱应材：整体业绩稳中向好，加速拓展前景可期

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected increase in stock price relative to the market benchmark index by over 20% in the next six months [15]. Core Insights - The company, Xinlai Yingcai, reported a revenue of 1.418 billion yuan for the first half of 2024, representing a year-on-year growth of 11.83%, with a net profit of 140 million yuan, up 26.91% [1]. - In Q2 2024, the company achieved a revenue of 729 million yuan, a 15.88% increase year-on-year, and a net profit of 72 million yuan, growing by 26.49% [1]. - The gross margin for H1 2024 was 25.57%, an increase of 0.74 percentage points year-on-year, while the net margin was 9.89%, up 1.18 percentage points [1]. - The company is focusing on R&D investments, particularly in the semiconductor sector, which is expected to drive future growth [1]. Business Segment Summary - Semiconductor Segment: Revenue reached 447 million yuan, a significant increase of 48.0% year-on-year, although the gross margin decreased by 1.4 percentage points to 28.34% due to increased depreciation from higher investments [1]. - Food Segment: Revenue was 803 million yuan, a slight increase of 0.1% year-on-year, with a gross margin of 22.7%, up 3.4 percentage points. The company is enhancing its market share in domestic clients despite reduced demand from major dairy clients [1]. - Pharmaceutical Segment: Revenue was 169 million yuan, a 3.0% increase year-on-year, but the gross margin fell by 10.6 percentage points to 31.7%. The segment is expected to benefit from long-term trends such as aging population and improved healthcare systems [1]. Financial Forecast and Investment Recommendations - The company is projected to achieve revenues of 3.282 billion yuan, 3.896 billion yuan, and 4.721 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 328 million yuan, 447 million yuan, and 578 million yuan [2][7]. - The company is recognized as a leader in the ultra-clean metal materials processing sector and is accelerating the development of high-end new products, which are expected to contribute to future growth [1].