NCE(SH:605111)2024-08-14 03:37Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company achieved a revenue of 873 million yuan in H1 2024, representing a year-on-year growth of 15.2%, and a net profit attributable to shareholders of 218 million yuan, up 47.5% year-on-year [5] - In Q2 2024, the company reported revenue of 502 million yuan, a year-on-year increase of 30.4%, and a net profit of 118 million yuan, growing 42.3% year-on-year [5] - The power segment shows continuous marginal improvement, with Q2 2024 revenue growth exceeding expectations due to recovering demand in the photovoltaic new energy sector and automotive electronics [5] - The company is actively adjusting its product structure, with significant contributions from automotive electronics and AI applications [5] - Inventory levels are decreasing, and gross margins are improving, with Q2 2024 gross margin at 35.8%, up 3.2 percentage points year-on-year [5] Financial Summary - For 2024E, total revenue is projected to be 1,790 million yuan, with a year-on-year growth rate of 21.2% [7] - The net profit attributable to shareholders is expected to reach 455 million yuan in 2024E, reflecting a growth rate of 40.7% [7] - The company’s gross margin is forecasted to be 34.4% in 2024E [7] - The price-to-earnings ratio for 2024 is estimated at 29 times [7]