SHBT(SH:603009) Guohai Securities·2024-08-15 11:30Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5]. Core Insights - The company achieved a significant growth in net profit for H1 2024, with a year-on-year increase of 101.6%, driven by steady revenue growth and improved profit margins [3][4]. - The revenue for H1 2024 reached 970 million yuan, representing a 14.1% year-on-year increase, supported by the dual drivers of chassis components and export business [4]. - The company is focusing on expanding its product matrix and has increased R&D investments to enhance its offerings, particularly in new refrigerants and components for humanoid robots [4][5]. Summary by Sections Financial Performance - In H1 2024, the company reported a revenue of 970 million yuan, up 14.1% year-on-year, and a net profit of 38 million yuan, up 101.6% year-on-year [3][4]. - The gross margin improved to 19.2%, an increase of 1.47 percentage points year-on-year, while the net margin reached 3.91%, up 1.79 percentage points year-on-year [4]. Future Projections - The company is expected to achieve total revenue of 2.138 billion yuan in 2024, with a growth rate of 14%, and a net profit of 84 million yuan, reflecting a growth rate of 65% [5][7]. - Earnings per share (EPS) are projected to be 0.23 yuan in 2024, with corresponding price-to-earnings (P/E) ratios of 68, 50, and 32 for the years 2024, 2025, and 2026 respectively [5][7]. Market Position - The company has successfully leveraged its relationships with major multinational automotive parts suppliers to expand its export business, achieving 70.87 million yuan in export revenue in H1 2024, a 10.76% increase year-on-year [4]. - The stock has shown a strong performance over the past year, with a 12-month increase of 131.2%, outperforming the CSI 300 index [4].