RAYHOO MOTOR DIES(SZ:002997) Guohai Securities·2024-07-16 23:00Investment Rating - The report maintains an "Accumulate" rating for the company [27] Core Views - The company is expected to achieve significant growth in H1 2024, with a projected net profit of 1.54 to 1.70 billion yuan, representing a year-on-year increase of 70.76% to 88.51% [27] - The growth is primarily driven by the strong performance of its major client, Chery Automobile, which saw a 48.4% increase in vehicle sales in the first half of 2024 [2][3] - The company's automotive parts business is ramping up production, which is anticipated to further enhance revenue [2][3] Financial Performance Summary - For Q2 2024, the company expects to achieve a net profit of 0.86 billion yuan, with year-on-year and quarter-on-quarter growth of 82.25% and 13.63% respectively [2] - The projected revenue for 2024-2026 is 28.89 billion, 36.25 billion, and 42.96 billion yuan, with corresponding growth rates of 54%, 25%, and 19% [3][19] - The expected net profit for 2024-2026 is 3.49 billion, 4.38 billion, and 5.57 billion yuan, with growth rates of 73%, 25%, and 27% [19] Valuation Metrics - The report provides an EPS forecast of 1.67, 2.09, and 2.66 yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 19, 15, and 12 [19] - The company's return on equity (ROE) is projected to increase from 12% in 2023 to 19% by 2026 [19] - The report indicates a stable gross margin of 22% over the forecast period [19]