Azure(002245) 东吴证券·2024-07-23 09:00Investment Rating - The report maintains a "Buy" rating for the company [9] Core Insights - The company's H1 2024 revenue reached 3.06 billion yuan, a year-on-year increase of 36%, with a net profit attributable to shareholders of 167 million yuan, up 301% [19] - The Q2 2024 revenue was 1.64 billion yuan, a 30% increase year-on-year, with a net profit of 97 million yuan, up 78% [19] - The company has shown strong performance in metal logistics and LED business, with significant revenue growth and profitability [2][19] Financial Performance Summary - H1 2024 revenue from metal logistics was 1.16 billion yuan, up 14% year-on-year, contributing a profit of 75 million yuan [2] - H1 2024 revenue from LED business was 750 million yuan, a 79% increase year-on-year, contributing a profit of 30 million yuan [2] - The company expects to achieve a profit contribution of over 150 million yuan from metal logistics for the full year [2] - The lithium battery segment reported H1 revenue of 1.11 billion yuan, a 25% increase year-on-year, with a total shipment of 175 million units [8] Earnings Forecast and Valuation - The report revises the net profit forecast for 2024-2026 to 390 million, 480 million, and 560 million yuan respectively, reflecting year-on-year growth of 180%, 22%, and 17% [9] - The corresponding P/E ratios are projected to be 23x, 19x, and 16x for the years 2024, 2025, and 2026 [9]