NJEC(SH:600699) Guoyuan Securities·2024-07-31 10:00Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 20.02 CNY, indicating an expected upside from the current price of 14.33 CNY over the next six months [6][7]. Core Insights - The company reported a revenue of 27.98 billion CNY for the first half of 2024, a year-on-year increase of 0.24%, and a net profit attributable to shareholders of 638 million CNY, up 34.14% year-on-year [2]. - The company has successfully integrated its global operations, leading to improved profitability, with an overall gross margin increase of 2.4 percentage points to approximately 15.8% in the first half of 2024 [3]. - The company is actively expanding its customer base in the electric and intelligent vehicle market, with a total new order value of approximately 50.4 billion CNY in the first half of 2024 [4]. - The company is advancing in the intelligent automotive sector, developing comprehensive solutions in cockpit, intelligent driving, and vehicle-road-cloud integration, with significant partnerships established with major chip manufacturers [5]. Financial Summary - The company is projected to achieve revenues of 56.40 billion CNY, 59.40 billion CNY, and 64.68 billion CNY for the years 2024, 2025, and 2026, respectively, with net profits of 1.42 billion CNY, 1.81 billion CNY, and 2.17 billion CNY for the same years [6]. - The earnings per share (EPS) are expected to be 1.01 CNY, 1.29 CNY, and 1.54 CNY for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (P/E) ratios of 14.84, 11.60, and 9.69 [6][12].