经过20 多年行业深耕，公司获得众多国内外优秀企业的认可，公司聚焦汽车电子等核心主业，坚定实施大客户战略，努力提升产品和技术创新能力，经营质量不断提升。得益于产品结构优化，新客户开发成效渐显，精细化管理和提质增效取得成果，报告期内，公司实现营业收入 175,352.80 万元，同比增加 9.54%；净利润 26,028.12 万元，同比增长 41.05%；综合毛利率 24.10%。Incidents:
The company released its 2024 semi-annual report. During the reporting period, the company achieved operating income of 1.754 billion yuan, an increase of 9.54% over the previous year; realized net profit of 0.26 billion yuan, an increase of 41.05% over the previous year, after deducting non-return net profit of 0.251 billion yuan, an increase of 43.55% over the previous year.
Product structure optimization, continuous improvement of business quality
After more than 20 years of deep cultivation in the industry, the company has been recognized by many outstanding domestic and foreign enterprises. The company focuses on core businesses such as automotive electronics, firmly implements major customer strategies, strives to improve product and technological innovation capabilities, and continuously improves business quality. Thanks to product structure optimization, new customer development results are gradually showing, and results have been achieved through refined management and improved quality and efficiency. During the reporting period, the company achieved operating income of 1753.528 million yuan, an increase of 9.54% over the previous year; net profit of 260.2812 million yuan, an increase of 41.05% over the previous year; and a comprehensive gross profit margin of 24.10%.
Actively expand the two major international and domestic markets
The interim report revealed that in addition to strengthening in-depth cooperation with old customers, the company is actively developing high-quality customer bases at home and abroad. Among them, well-known European, American, and Japanese customers and leading domestic industry customers have achieved remarkable development results, and obtained outstanding domestic and foreign companies such as Continental (Continental), Valeo (Valeo), Joyson Electronics (Preh), Aptiv (Lear), Stanley (Stanley), Yazaki (YAZAKI), Xiaopeng Motors, Hongjing Smart Driving, BYD, and Zero Sports Trust and recognition to become a leading domestic PCB company.
Increase investment in R&D and keep up with the industry's cutting edge
The company keeps an eye on the development trends of the industry and cutting-edge technology, and actively carries out key technical research and new product development. The interim report revealed that the company has made further breakthroughs in technologies such as 6OZ thick copper technology capabilities, HDI process X-shaped holes and deep microporous technology capabilities, and embedded metal-based process capabilities in heat dissipation technology; key product capabilities such as 77G millimeter wave radar products, lidar semi-deflection products, and Miniled direct display products have continued to improve; at the same time, the company actively promoted product line reform and transformed technicians into technical merchants, which greatly stimulated R&D vitality. The interim report revealed that during the reporting period, the company invested a total of 70.0958 million yuan in R&D expenses, an increase of 13.29% over the same period; R&D investment accounted for 4% of the company's revenue, an increase of 0.13 percentage points over the same period.
Investment advice:
We expect the company's revenue from 2024 to 2026 to be 3.638 billion yuan, 4.184 billion yuan, and 4.811 billion yuan, respectively, and net profit to mother will be 0.521 billion yuan, 0.645 billion yuan, and 0.776 billion yuan, respectively, giving 17 times PE over 24 years, corresponding to a six-month target price of 8.87 yuan, maintaining a “buy-A” investment rating.
Risk warning:
Industry demand falls short of expectations; new product development and introduction falls short of expectations; market competition intensifies.