Sunlord(002138) 国泰君安·2024-08-01 23:31Investment Rating - The report maintains a "Buy" rating for the company with a target price of 32.37 CNY, reflecting an increase in EPS forecasts for 2024-2026 [3][5]. Core Insights - The company reported record high revenue in Q2 2024, achieving 2.691 billion CNY in sales for the first half of 2024, a year-on-year increase of 15.43%. The net profit attributable to shareholders reached 368 million CNY, up 43.82% year-on-year [3]. - The growth in revenue is attributed to several factors, including a robust performance in consumer electronics, accelerated growth in automotive electronics, and rapid expansion in the photovoltaic and energy storage markets [3]. - The company is focusing on high-end product development and has seen an increase in market share, particularly in the automotive electronics and energy sectors [3]. Financial Performance - For the first half of 2024, the company reported a net profit of 368 million CNY, with a non-recurring net profit of 348 million CNY, reflecting increases of 43.82% and 49.53% year-on-year, respectively [3]. - The Q2 2024 revenue reached 1.432 billion CNY, marking a 9.6% year-on-year increase and a 13.78% quarter-on-quarter increase, with a gross margin of 36.98% [3]. - The company has adjusted its EPS forecasts to 1.12 CNY for 2024, 1.43 CNY for 2025, and introduced a new forecast of 1.72 CNY for 2026 [3][10]. Market Trends - The report highlights the increasing demand for electronic components driven by AI applications in both edge and cloud computing, which is expected to significantly boost the usage of passive components [3]. - The automotive electronics segment has achieved comprehensive coverage of top global automotive and new energy vehicle clients, with a broad product line and increasing market share [3]. - The photovoltaic and energy storage sectors are also experiencing rapid growth, with the company gaining recognition from leading domestic and international enterprises [3].