宏发股份：业绩稳健增长，继电器龙头企业稳固

Investment Rating - The investment rating for the company is "Outperform the Market" [4][10]. Core Views - The company achieved a net profit of 844 million yuan in the first half of 2024, representing a year-on-year increase of 15%. Revenue for the same period was 7.23 billion yuan, up 9% year-on-year, with a gross margin of 34.8% and a net margin of 15.3% [1][5]. - The company benefits from high demand in the global new energy vehicle and power equipment sectors, with a market share exceeding 40% in high-voltage direct current relays and a projected shipment growth of over 30% year-on-year for this segment in Q2 [1][9]. - The company is implementing a "75+" strategy to promote the development of new products such as film capacitors, connectors, current sensors, and fuses, which are expected to see increased shipments in the second half of the year [2][10]. Financial Performance - For Q2 2024, the company reported revenue of 3.78 billion yuan, a 12% increase year-on-year and a 9% increase quarter-on-quarter, with a net profit of 490 million yuan, reflecting a 21% year-on-year and a 37% quarter-on-quarter increase [1][5]. - The gross margin for Q2 was 34.6%, down 1.4 percentage points year-on-year, while the net margin improved to 16.8%, up 1.4 percentage points year-on-year [1][8]. - The company has adjusted its profit forecast for 2024-2026, expecting net profits of 1.706 billion yuan, 1.939 billion yuan, and 2.121 billion yuan, respectively, with year-on-year growth rates of 22.5%, 13.6%, and 9.4% [10][12]. Industry Outlook - The traditional relay industry is expected to maintain steady growth, with household appliance relays projected to grow by 5%-10% year-on-year in Q2, and new energy relays showing signs of recovery due to strong demand in emerging markets [2][9]. - The company is well-positioned to capitalize on the ongoing recovery in the European market and the anticipated growth in energy storage installations in the U.S. due to a potential interest rate cut [2][10].