Sichuan Injet Electric (SZ:300820) Jianghai Securities·2024-09-20 09:07Investment Rating - The investment rating for the company is "Buy" (maintained) with a current price of 36.19 CNY and a target price of 42.80 CNY over a 6-month period [1]. Core Views - The company reported a revenue of 797 million CNY for the first half of 2024, representing a year-on-year growth of 23.88%, with a net profit attributable to the parent company of 178 million CNY, up 9.17% year-on-year [2][3]. - The semiconductor and electronic materials segment saw a significant revenue increase of 122.55%, contributing 23.24% to total revenue, while the photovoltaic segment grew by 13.79% [2][3]. - The gross margin improved to 42.43%, up 3.68 percentage points year-on-year, primarily due to the rapid growth of the higher-margin semiconductor business [3]. - The company is actively expanding into overseas markets and new segments within the photovoltaic industry, despite facing a decline in new orders from the traditional single-crystal and multi-crystal sectors [3]. - The semiconductor business is gaining traction, with new orders increasing by over 30% in the first half of 2024, now accounting for 22% of total orders, an increase of 8 percentage points [3]. Financial Summary - The company’s projected revenues for 2024, 2025, and 2026 are 2.147 billion CNY, 2.607 billion CNY, and 3.053 billion CNY, respectively, with year-on-year growth rates of 21.29%, 21.45%, and 17.10% [4][5]. - The net profit attributable to the parent company is expected to be 473 million CNY, 701 million CNY, and 846 million CNY for the same years, with growth rates of 9.60%, 48.32%, and 20.59% [4][5]. - The earnings per share (EPS) are projected to be 2.14 CNY, 3.18 CNY, and 3.83 CNY for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (P/E) ratios of 16.89X, 11.39X, and 9.45X [4][5].