HONG RI DA Technology Company Limited(301285) 东吴证券·2024-08-13 11:30Investment Rating - The report upgrades the investment rating to "Buy" for the company [1][8] Core Insights - The company achieved revenue of 389 million yuan in the first half of 2024, representing a year-on-year growth of 30.45%, and a net profit attributable to shareholders of 16.08 million yuan, up 283.05% year-on-year [2] - The company is experiencing stable growth in its core business segments, including connectors and MIM components, benefiting from the cyclical recovery in the consumer electronics industry [2][3] - The semiconductor metal heat sink segment is expected to see significant growth, with small batch production anticipated to begin in Q3 2024 [3] - The automotive connector products are progressing smoothly, with expectations for small batch supply to key customers by the end of the year [3] Revenue and Profit Forecast - The company forecasts revenue of 854 million yuan for 2024, with a net profit of 72.44 million yuan, maintaining the 2024 profit forecast [3][8] - For 2025, the revenue forecast is adjusted to 1.39 billion yuan, with a net profit of 168 million yuan, and a new forecast for 2026 projects revenue of 1.85 billion yuan and a net profit of 229 million yuan [8] Financial Metrics - The report provides a P/E ratio of 66.19 for 2024, 28.60 for 2025, and 20.91 for 2026, indicating a positive outlook for the company's valuation [1][10] - The gross margin is expected to improve to 26.24% in 2024, with a net profit margin of 8.48% [10]