2Q24业绩点评：业绩符合预期，AI产品需求持续旺盛

Core Insights - The report highlights that IBIDEN's Q2 FY2024 performance met expectations, with revenue of 93.4 billion yen, a year-on-year increase of 0.4%, and operating profit of 17.2 billion yen, up 8.3% year-on-year [2] - The demand for AI-related products continues to be strong, particularly in the ABF substrate business, which benefits from the growth of AI servers and high-performance computing (HPC) products [3] - The company has adjusted its profit forecasts for FY2024-2026, with net profit estimates revised to 37.9 billion yen, 55.6 billion yen, and 73.2 billion yen respectively, reflecting a decrease from previous estimates due to slower-than-expected recovery in the PC and general server markets [3] Financial Performance - For H1 FY2024, IBIDEN reported total revenue of 181.6 billion yen, a decline of 3.2% year-on-year, while operating profit increased by 18.4% [2] - The gross margin for Q2 FY2024 was 35.1%, an increase of 6 percentage points compared to Q1 FY2024 [2] - The revenue from the packaging substrate business in Q2 FY2024 was 53.3 billion yen, up 2.4% year-on-year, with operating profit of 12.7 billion yen, an increase of 9.8% [2] Business Segments - The report indicates that the demand for AI server-related products is driving growth in the ABF substrate business, with the company being a key supplier for NVIDIA [3] - The general server market is experiencing a product upgrade cycle led by Intel, which is expected to enhance the value of products [3] - The report notes that the worst period for the PC market has passed, with AI PCs contributing to new growth [3] Valuation and Investment Rating - The current price-to-earnings (P/E) ratio for IBIDEN is projected to be 17.4 for FY2024, 11.8 for FY2025, and 9.0 for FY2026 [8] - The target price is set at 7,100 yen, based on an 18 times P/E for FY2025, maintaining a "Buy" rating [3]