骄成超声：转型阵痛期，半导体高端产品逐步成熟

Investment Rating - The investment rating for the company is "Accumulate" [4] Core Views - The company is undergoing a transformation period, with high-end semiconductor products gradually maturing. The revenue for H1 2024 was 244 million, a decrease of 29.93% year-on-year, and the net profit attributable to the parent company was 5 million, down 91.64% year-on-year [1][3] - The decline in revenue is primarily due to the cyclical downturn in the downstream new energy battery industry, which significantly impacted sales. The contributions from the ultrasonic equipment for wire harness connectors and semiconductor ultrasonic equipment remain limited [1][2] Financial Data Summary - For H1 2024, the company achieved revenue of 244 million, a year-on-year decrease of 29.93%. The net profit attributable to the parent company was 5 million, down 91.64% year-on-year, with a net profit excluding non-recurring items of -21 million, a decrease of 139.53% year-on-year [1] - In Q2 2024, the revenue was 123 million, a year-on-year decrease of 34% but an increase of 2% quarter-on-quarter. The gross margin was 44.2%, down 8.0 percentage points year-on-year and 11.4 percentage points quarter-on-quarter [1] Business Analysis - The ultrasonic equipment business for new energy batteries generated revenue of 74 million, a decrease of 70.89% year-on-year, primarily due to inventory destocking by downstream power battery customers [2] - The ultrasonic equipment business for wire harness connectors saw revenue of 33 million, an increase of 220.5% year-on-year, driven by the company's focus on market opportunities in the new energy vehicle sector [2] - The semiconductor ultrasonic equipment business generated revenue of 25 million, a significant increase of 3329.43% year-on-year, with continued orders from leading industry clients [2] - The non-metal ultrasonic equipment business achieved revenue of 22 million, up 337.39% year-on-year [2] - The accessories business generated revenue of 51 million, an increase of 54.20% year-on-year, while service and other revenues decreased by 14.50% year-on-year [2] Investment Recommendations - The company is focusing on developing high-end semiconductor equipment, with key products like ultrasonic bonding machines and ultrasonic scanning microscopes being critical for power semiconductor packaging processes. The company has maintained good cooperation with well-known industry clients [3] - Due to the impact of the traditional lithium battery equipment expansion cycle on revenue, the previous profit forecast has been revised downwards. The expected net profit attributable to the parent company for 2024-2026 is projected to be 3 million, 87 million, and 128 million, respectively, with corresponding P/E ratios of 1592, 53, and 36 [3]