半导体材料板块24半年报业绩总结

Industry Overview - The semiconductor materials sector is positioned upstream in the semiconductor industry chain, playing a crucial supporting role with characteristics such as large industrial scale, numerous sub-sectors, high technical barriers, significant R&D investment, and long R&D cycles [2] - With the gradual recovery of the semiconductor cycle and the rebound in fab utilization rates, the demand for semiconductor materials is expected to increase, coupled with breakthroughs in new products and customers by domestic manufacturers, leading to improved profitability [2] - The report maintains an "Outperform" rating for the semiconductor materials sector [1] Key Companies Performance Anji Technology - In 24H1, Anji Technology achieved revenue of 7.97 billion yuan, a YoY increase of 38.68%, with a net profit of 2.34 billion yuan, a slight YoY decrease of 0.43% [6] - In 24Q2, revenue reached 4.19 billion yuan, up 37.06% YoY and 10.67% QoQ, with a net profit of 1.29 billion yuan, down 18.84% YoY but up 22.68% QoQ [6] - The company focuses on chemical mechanical polishing (CMP) slurries, functional wet chemicals, and electroplating solutions, with products widely used in integrated circuit manufacturing and advanced packaging [7][9] Dinglong Holdings - In 24H1, Dinglong Holdings reported revenue of 15.19 billion yuan, up 31.01% YoY, and a net profit of 2.18 billion yuan, up 127.22% YoY [11] - In 24Q2, revenue was 8.11 billion yuan, up 32.35% YoY and 14.52% QoQ, with a net profit of 1.36 billion yuan, up 122.88% YoY and 67.04% QoQ [11] - The company's CMP polishing pads and slurries saw significant growth, with CMP polishing pad revenue reaching 298 million yuan in 24H1, up 99.79% YoY [13] Shanghai Xinyang - In 24H1, Shanghai Xinyang achieved revenue of 6.61 billion yuan, up 19.78% YoY, with a net profit of 589 million yuan, down 32.14% YoY [17] - In 24Q2, revenue was 3.63 billion yuan, up 24.96% YoY and 22.21% QoQ, with a net profit of 400 million yuan, up 31.62% YoY and 111.96% QoQ [17] - The company's electroplating solutions and cleaning solutions saw strong growth, with electroplating additive sales increasing over 80% YoY in 24H1 [19] Aisen Technology - In 24H1, Aisen Technology reported revenue of 1.86 billion yuan, up 20.63% YoY, with a net profit of 137.4 million yuan, up 23.57% YoY [23] - In 24Q2, revenue was 1.04 billion yuan, up 26.20% YoY and 26.97% QoQ, with a net profit of 60 million yuan, down 17.83% YoY and 17.05% QoQ [23] - The company focuses on electroplating solutions and photoresist-related products, with breakthroughs in advanced packaging and wafer-level applications [25][27] Nanda Optoelectronics - In 24H1, Nanda Optoelectronics achieved revenue of 11.22 billion yuan, up 35.86% YoY, with a net profit of 1.79 billion yuan, up 17.38% YoY [29] - In 24Q2, revenue was 6.13 billion yuan, up 43.28% YoY and 20.42% QoQ, with a net profit of 970 million yuan, up 25.00% YoY and 17.62% QoQ [29] - The company's precursor business and specialty gases saw strong growth, with nearly 10 products in stable mass production [31] Jacquet Technology - In 24H1, Jacquet Technology reported revenue of 32.57 billion yuan, up 40.21% YoY, with a net profit of 5.20 billion yuan, up 52.19% YoY [33] - In 24Q2, revenue was 16.38 billion yuan, up 30.91% YoY and 1.25% QoQ, with a net profit of 2.74 billion yuan, up 62.44% YoY and 11.28% QoQ [33] Guangzhou Gas - In 24H1, Guangzhou Gas achieved revenue of 9.73 billion yuan, up 8.60% YoY, with a net profit of 1.36 billion yuan, down 14.39% YoY [34] - In 24Q2, revenue was 5.12 billion yuan, up 6.25% YoY and 11.04% QoQ, with a net profit of 690 million yuan, down 18.14% YoY but up 2.19% QoQ [34] - The company's electronic bulk gas business saw steady growth, with new projects contributing to performance improvement [36] Industry Valuation - The average PE valuation multiples for the semiconductor materials industry in 2024E and 2025E are 36.11X and 27.04X, respectively, while the PS multiples are 5.57X and 4.52X [38]