英杰电气：2024Q3光伏新签订单承压，半导体新签订单占比提升

Investment Rating - The investment rating for the company is "Buy (Maintain)" with a current price of 58.94 CNY and a target price of 82.25 CNY over a 6-month period [1]. Core Insights - The company reported a revenue of 1.329 billion CNY for the first three quarters of 2024, representing a year-on-year growth of 17.36%. The net profit attributable to the parent company was 303 million CNY, up 8.27% year-on-year [4]. - The gross margin improved to 42.01%, an increase of 2.59 percentage points year-on-year, primarily due to the rapid growth of the higher-margin semiconductor business [4]. - The company is actively exploring new growth points in the photovoltaic battery segment and has seen a significant increase in semiconductor orders, indicating a shift towards domestic substitution [4]. Financial Performance - The company achieved a revenue of 6.32 billion CNY from the photovoltaic sector, accounting for 47.55% of total revenue, while the semiconductor and electronic materials sector contributed 2.93 billion CNY, or 22.05% [4]. - The forecast for revenue from 2024 to 2026 is 22.64 billion CNY, 27.86 billion CNY, and 34.02 billion CNY, with year-on-year growth rates of 27.91%, 23.06%, and 22.13% respectively [5]. - The net profit forecast for the same period is 4.88 billion CNY, 7.30 billion CNY, and 8.76 billion CNY, with growth rates of 13.10%, 49.55%, and 20.04% respectively [5]. Market Position and Strategy - The company has seen a decline in new photovoltaic orders, down over 50%, but has maintained a steady order flow in the multicrystalline segment due to increased overseas orders [4]. - The semiconductor segment's new orders increased by over 10%, now accounting for 23% of total orders, reflecting a strategic partnership with leading clients [4]. - The company is expanding its product offerings in the photovoltaic battery segment, particularly in TOPCON and HJT technologies, which are expected to yield significant orders in the near future [4].