NJEC(600699) 海通证券·2024-08-02 00:31Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The company, Joyson Electronics, achieved steady growth in the first half of 2024, with revenue of 27.08 billion yuan, a year-on-year increase of 0.24%, and a net profit attributable to shareholders of 638 million yuan, up 34.14% year-on-year [5][6] - The automotive safety business has shown significant improvement in profitability, with a gross margin increase of 3.6 percentage points to approximately 14.3% [6] - The company has successfully expanded its new business orders, with a total new order value of approximately 50.4 billion yuan in the first half of 2024 [6] Financial Performance Summary - For the first half of 2024, the company reported a revenue of approximately 27.08 billion yuan, with a net profit of about 638 million yuan, reflecting a year-on-year growth of 34.14% [5] - The gross margin for the overall business improved by 2.4 percentage points to about 15.8%, while the automotive safety business gross margin reached approximately 14.3% [6] - The company expects net profits for 2024-2026 to be 1.436 billion yuan, 1.948 billion yuan, and 2.510 billion yuan respectively, with corresponding EPS of 1.02 yuan, 1.38 yuan, and 1.78 yuan [7][8] Business Segment Analysis - The automotive safety system segment is projected to have a revenue of 18.13 billion yuan in 2024, with a gross margin of 13.2% [9] - The automotive electronics segment is expected to maintain a stable gross margin of around 20.9% in 2024 [9] - The company has enhanced its control over its automotive safety business by acquiring an additional 8% stake in Joyson Auto Safety Holdings S.A. for approximately 283 million USD [6] Valuation and Investment Recommendations - The company is assigned a PE ratio of 20-24 times for 2024, leading to a reasonable value range of 20.4 to 24.48 yuan per share [7] - The investment recommendation remains "Outperform the Market" based on the expected growth and profitability improvements [7]