Investment Rating - The report assigns a "Buy" rating for the company, expecting a relative increase of over 15% in stock price compared to the benchmark index within the next 6 to 12 months [3]. Core Views - The company's performance in Q2 significantly exceeded expectations, primarily due to strong sales from major clients and the release of scale effects. The expected net profit for the first half of 2024 is projected to be between 3.05 billion to 3.25 billion yuan, representing a year-on-year growth of 87.06% to 99.32% [7]. - The company is expected to alleviate capacity bottlenecks in the second half of the year, with the completion of a new production base in Vietnam contributing to increased output. This expansion is anticipated to enhance supply chain stability and deepen cooperation with major clients [7]. - The report highlights that the company's competitive edge is expected to improve further with the production ramp-up in Vietnam, providing a stable source of orders and supporting continued growth [7]. Financial Summary - The company's revenue for 2023 is projected at 1,775 million yuan, with a year-on-year growth rate of 41%. By 2026, revenue is expected to reach 3,387 million yuan, with a growth rate of 16% [2]. - Net profit for 2023 is estimated at 472 million yuan, with a year-on-year growth of 74%. The forecast for 2026 is a net profit of 985 million yuan, reflecting a growth rate of 15% [2]. - Earnings per share (EPS) are projected to increase from 4.54 yuan in 2024 to 9.48 yuan in 2026, indicating a strong upward trend in profitability [2][7].
嘉益股份：业绩靓丽大超预期，下半年产能瓶颈有望缓解