SHBT(SH:603009) Minsheng Securities·2024-08-15 01:07Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Views - The company has shown significant improvement in profitability, with a 101.60% year-on-year increase in net profit for the first half of 2024 [2]. - Revenue for 2024H1 reached 970 million yuan, reflecting a 14.06% year-on-year growth, driven by steady growth in chassis components [2]. - The company is focusing on the development of a screw rod production line for humanoid robots, which is expected to enhance its product offerings and market position [2]. Financial Performance Summary - For 2024, the company is projected to achieve revenues of 2,141 million yuan, with a growth rate of 13.8% [3]. - The net profit attributable to shareholders is expected to reach 850 million yuan in 2024, representing a growth rate of 66.4% [3]. - The earnings per share (EPS) is forecasted to be 0.24 yuan for 2024, with a price-to-earnings (PE) ratio of 68 [3][5]. Business Segment Insights - The chassis components business remains robust, with steering gear component sales reaching 13.74 million units, up 13.50% year-on-year, and shock absorber component sales at 21.15 million units, up 9.94% year-on-year [2]. - New products are being ramped up for production, contributing to an increase in orders, including key components for Bosch's intelligent integrated brake system and ZF's CDC damping control valve [2]. Investment Recommendations - The company is positioned as a leader in the chassis segment, with ongoing expansion into new products and clients, and is expected to benefit from trends in lightweight materials and robotics [2]. - Revenue projections for 2024-2026 are 2,141 million, 2,507 million, and 2,985 million yuan, respectively, with net profits of 850 million, 1,220 million, and 1,790 million yuan [2].