Raytron(SH:688002) EBSCN·2024-10-21 08:25Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company is a leading domestic enterprise in the design and manufacturing of specialized integrated circuits, special chips, and MEMS sensors, with a strong focus on infrared imaging technology and a growing presence in the microwave and laser sectors [1]. - The company achieved a revenue of 2.02 billion yuan in H1 2024, representing a year-on-year increase of 13.3%, while the net profit attributable to shareholders decreased by 12.9% to 220 million yuan [1]. - The report highlights the increasing maturity of civilian infrared imaging technology and its expanding application scenarios, predicting a global civilian infrared market size of 7.465 billion USD in 2023 and 4.424 billion USD for the non-refrigerated civilian infrared market in 2024 [1]. - The company has established a comprehensive layout in the non-refrigerated infrared field, becoming one of the few domestic companies capable of independent research and mass production of infrared detector chips [1]. - The microwave industry presents significant market potential, with the company continuously building its core competitiveness in microwave semiconductors [1]. Summary by Sections Financial Performance - In H1 2024, the company reported a revenue of 2.02 billion yuan, a 13.3% increase year-on-year, and a net profit of 220 million yuan, down 12.9% [1]. - The projected net profits for 2024 and 2025 are 607 million yuan and 847 million yuan, respectively, with a new forecast for 2026 at 1.01 billion yuan [2][6]. Market Outlook - The report anticipates continued growth in the application of infrared thermal imaging technology across various sectors, including automotive electronics, special needs, and security [1]. - The civilian infrared imaging market is expected to grow significantly, driven by technological advancements and cost reductions [1]. Valuation and Estimates - The report adjusts the net profit estimates for 2024 and 2025 downwards by 16.4% and 8.0%, respectively, while introducing a 2026 net profit forecast of 1.01 billion yuan, corresponding to P/E ratios of 36X, 26X, and 22X for the respective years [1][2].