公司24Q2 收入同环比改善，毛利率稳步回升。公司24Q2 单季度营收为9.68 亿元，同比+34.02%，环比+6.43%；归母净利润为0.12 亿元，同比-10.45%，环比-14.77%；销售毛利率14.94%，同比增长3.01 个百分点，环比增长0.87 个百分点。Incident Overview
On the evening of August 27, the company disclosed its 2024 semi-annual report. The company's revenue for the first half of 2024 was 1.877 billion yuan (+32.48% YoY) and net profit to mother was 0.027 billion yuan (+275.24% YoY), which reversed losses; achieving a gross sales margin of 14.52%, an increase of 1.61 percentage points over the previous year.
Analysis and judgment
The company's 24Q2 revenue improved month-on-month, and gross margin rebounded steadily. The company's 24Q2 revenue for a single quarter was 0.968 billion yuan, +34.02% year over month; net profit to mother was 0.012 billion yuan, -10.45% year over year, -14.77% month on month; gross sales margin was 14.94%, up 3.01 percentage points year on year, up 0.87 percentage points month on month.
The driving force of the company's laptop structural component module business: the PC recovery trend is compounded by the rise in AI PC penetration rate. According to IDC data, after eight consecutive quarters of decline, the global consumer PC market finally picked up again and achieved two consecutive quarters of growth. In 24Q2, global PC shipments increased 3% year-on-year. AI PCs are expected to be a key factor leading the recovery in PC sales. According to Canalys data, the penetration rate of AI PC shipments reached 14% in 24Q2, and the AI PC penetration rate is expected to reach nearly one-fifth in 2024, and the penetration rate is expected to reach more than 60% in 2027. In 24Q2, Lenovo, HP, and Dell PC sales performed well, reaching 22.7%, 21.1%, and 15.5% market shares, respectively. Lenovo, HP, and Dell are all core end customers of the company, and the company is expected to grow simultaneously with end customers in the future.
Guided by the “two wings in one” strategic layout, 24H1 is gradually increasing production capacity and order delivery volume for magnesium alloy applications in new energy vehicles. Based on the company's many years of accumulation in the field of magnesium and aluminum structural components for laptops, the company is actively expanding the application of magnesium alloys for new energy vehicles. At present, the company's business in the field of automotive electronics has entered the mass production stage. Orders continue to be stable, and production capacity is gradually being released. The downstream products cover new energy models such as Xiaomi, NIO, Xiaopeng, BYD, BMW, Geely, and Volkswagen. We believe that in the future, the company can use advanced semi-solid injection molding technology and large-scale semi-solid equipment for vehicles to improve processing accuracy, speed and yield, thereby promoting the development of the automotive business.
Investment advice
Maintain a “buy” rating. We adjusted the company's 2024-2026 net profit forecast to 0.151/0.243/0.353 billion yuan, with a year-on-year growth rate of +465.69%/+60.31%/+45.38%, corresponding PE valuation 25/15/11 times.
Risk warning
Industry demand falls short of expectations, industry competition intensifies, and NEV business development falls short of expectations
