RAYHOO MOTOR DIES(SZ:002997) Minsheng Securities·2024-07-12 02:00Investment Rating - The report maintains a "Recommended" rating for the company [2] Core Views - The company is expected to achieve a net profit attributable to shareholders of 154 to 170 million yuan for the first half of 2024, representing a year-on-year increase of 70.76% to 88.51% [1] - The second quarter of 2024 is projected to show a net profit of 86 million yuan, up 82.25% year-on-year and 13.63% quarter-on-quarter, driven by increased sales from major client Chery [1] - The company is expanding its customer base beyond Chery, with new orders from companies like Ideal, Xiaopeng, and NIO, as well as international clients such as Mercedes-Benz and BMW [1] - The equipment business has a strong order backlog of 3.42 billion yuan, indicating robust demand and capacity utilization [1] - The lightweight component business is expected to contribute to further revenue growth as production ramps up [1] Financial Summary - Revenue projections for 2024 to 2026 are 2.81 billion, 3.54 billion, and 4.46 billion yuan respectively, with net profits of 360 million, 460 million, and 570 million yuan [1] - Earnings per share (EPS) are forecasted to be 1.71, 2.17, and 2.72 yuan for the same periods [1] - The price-to-earnings (PE) ratios are projected to be 20, 16, and 13 times for 2024, 2025, and 2026 respectively [1][11]