沪硅产业：2024H1业绩承压，研发实力增强，多元化项目加速推进

Investment Rating - The investment rating for the company is "Buy" with a maintained rating [1] Core Views - The company's performance in H1 2024 is under pressure, with a significant decline in net profit and revenue, attributed to a slow recovery in the semiconductor market and ongoing cost pressures [1] - The company is enhancing its R&D capabilities and accelerating diversification projects, with a notable increase in 300mm silicon wafer production capacity [1] - The global semiconductor market is showing signs of improvement, but the recovery is slower than expected, particularly for smaller wafer sizes [1] Financial Performance Summary - The company reported a revenue of 1.569 billion yuan in H1 2024, a slight decrease of 0.28% year-on-year [1] - The net profit attributable to the parent company was -389 million yuan, a decline of 307.35% year-on-year [1] - The company’s R&D investment reached 124 million yuan, a year-on-year increase of 16.80%, accounting for 7.87% of revenue [1][2] Production Capacity and R&D - The subsidiary Shanghai Xinsheng has maintained stable production capacity and output for 300mm silicon wafers, with a total capacity of 500,000 pieces per month as of June 2024 [1] - The company is expected to complete the second phase of its 300mm silicon wafer capacity project by the end of 2024, aiming for a total production capacity of 600,000 pieces per month [1] - R&D personnel account for 30% of the total workforce, with a strong focus on various technical fields [1] Financial Projections - Revenue projections for 2024 are estimated at 3.870 billion yuan, with a growth rate of 21.32% [2] - The net profit attributable to the parent company is projected to be 210 million yuan in 2024, reflecting a growth rate of 12.59% [2] - The company’s EBITDA for 2024 is expected to be 995.80 million yuan [2] Market Position and Strategy - The company is focusing on expanding its 200mm specialty silicon wafer production to meet niche market demands [1] - The ongoing geopolitical tensions and trade frictions may adversely affect the company's future capacity expansion [1] - The company is actively collaborating with clients in the automotive and industrial sectors to explore new applications for its products [1]