FLAC(002536) 天风证券·2024-07-26 08:00Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 9.4 yuan [14] Core Views - The company's core business remains stable, with significant growth in new thermal management and civilian sectors [1][4] - The company is transitioning towards electronic water pump series and temperature control valve products, expanding into various thermal management applications [5] - The company is expected to achieve revenue of 5.32 billion yuan in 2024, with a net profit attributable to the parent company of 372.4 million yuan [13] Financial Performance - In H1 2024, the company achieved revenue of 2.37 billion yuan, a YoY increase of 21%, and a net profit attributable to the parent company of 184 million yuan, a YoY increase of 29.24% [3] - The company's comprehensive gross margin in H1 2024 was 19.32%, a YoY decrease of 1.91 percentage points [3] - The company's three-fee ratio (sales, management, and financial expenses, excluding R&D) was 6.01%, a YoY decrease of 1.36 percentage points [3] Business Segments - Engine thermal management components revenue in H1 2024 was 918 million yuan, a YoY increase of 17.07%, with a gross margin of 18.96% [1] - Engine thermal management energy-saving components revenue in H1 2024 was 1.18 billion yuan, a YoY increase of 20.84%, with a gross margin of 19.75% [1] - New energy vehicle, hydrogen fuel cell, and liquid cooling data center components revenue in H1 2024 was 216 million yuan, a YoY increase of 57.16%, with a gross margin of 18.68% [1] Future Outlook - The company is expected to achieve revenue of 6.52 billion yuan in 2025 and 7.69 billion yuan in 2026, with net profits attributable to the parent company of 492.25 million yuan and 614.88 million yuan, respectively [6][13] - The company's P/E ratio for 2024-2026 is expected to be 15x, 11x, and 9x, respectively [13] Market Position - The company is a leading domestic player in the traditional automotive parts industry, with products sold nationwide and exported to the Americas, Europe, and Southeast Asia [12] - The company serves over 190 major customers and nearly 300 factories and bases globally [12]