The company publishes a semi-annual report. In 2024 Q1-Q2, the company achieved operating income of 0.323 billion yuan (+31.51% YoY) and net profit to mother of 0.041 billion yuan (52.38% YoY). Looking at a single quarter, 2024 Q2 revenue was 0.188 billion yuan (+24.04% YoY, +39.13%), and net profit to mother was 0.029 billion yuan (+20.87% YoY). (+136.81% month-on-month).
The high-end consumer electronics business performed well. From January to June 2024, the high-end consumer electronics sector achieved a total revenue of 271.4789 million yuan, an increase of 35.67% over the previous year. Among them, mobile phones and related accessories, laptop computers and accessories, and wearable devices achieved a year-on-year increase of 32.85%, 6.64%, and 77.32%, respectively. Through innovation, the company explores the needs of domestic and foreign 3C strategic terminal customers represented by major consumer electronics customers in North America, major domestic H customers, Honor, Xiaomi, OPPO, and VIVO, deepens cooperation using unique product and technological competitive advantages, and effectively increases product shipments in the field of mobile phones and related accessories and wearable devices.
The passenger car business has stepped up and maintained a good momentum of development. From January to June 2024, the passenger car sector achieved a total revenue of 46.6737 million yuan, an increase of 16.85% over the previous year. Based on a deep understanding of the industry it serves over many years, the company has achieved remarkable results in developing new customers and new markets. It has successfully introduced innovative solutions for terminal customer projects such as Samsung and Audio. The Vietnamese market development is carried out in an orderly manner, and valuable experience has been accumulated for overseas development. The company gives full play to the benchmark effect of users in the automotive industry, continues to develop the market in the field of interior and exterior coatings, and makes every effort to implement projects with customers from automotive OEMs and key mold makers, while actively building multiple platform-based products to improve product scale efficiency.
Major innovative projects have been launched, and are poised to seek the long term. Following small-batch testing and application by leading customers in the downstream power battery industry, the company successfully obtained mass production purchase orders from industry customers. At this point, the world's first battery insulated UV inkjet printing model project launched in China was successfully implemented. Based on the model engineering effect, the digital coating system solution is gradually being recognized by the downstream market, and the project results have begun to be commercialized on a large-scale application stage.
Profit forecasting and investment ratings. We expect the company's net profit from 2024 to 2026 to be 0.104 billion yuan, 0.156 billion yuan, and 0.217 billion yuan, respectively, and EPS of 0.93 yuan, 1.40 yuan, and 1.94 yuan respectively. According to 2024 BPS of 12.27 yuan and 3.1 to 3.3 times PB, a reasonable value range of 38.04-40.49 yuan was given, maintaining the “superior to the market” rating.
Risk warning: Project construction progress falls short of expectations; product prices fluctuate greatly.