SOKAN(SH:688157) KAIYUAN SECURITIES·2024-08-16 03:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Views - The company has experienced growth driven by dual engines: consumer electronics and passenger vehicle coatings, with a year-on-year revenue increase of 32% in H1 2024 [3][4] - The recovery in consumer electronics demand, coupled with strengthened collaborations with major clients, is expected to continue driving the company's performance [4][5] - The company is projected to achieve net profits of 127 million, 186 million, and 247 million yuan for the years 2024, 2025, and 2026 respectively, with corresponding EPS of 1.14, 1.66, and 2.21 yuan [3][6] Financial Performance Summary - In H1 2024, the company achieved revenue of 323 million yuan, a 32% increase year-on-year, and a net profit of 40.71 million yuan, up 52% year-on-year [3] - Q2 2024 revenue reached 188 million yuan, reflecting a 24% year-on-year increase and a 39% quarter-on-quarter increase [3] - The company's high-end consumer electronics segment generated revenue of 271 million yuan in H1 2024, a 35.67% increase year-on-year [4] - The passenger vehicle coatings segment reported revenue of 46.67 million yuan in H1 2024, a 16.85% increase year-on-year [5] Market Trends and Projections - Global smartphone shipments in Q2 2024 reached 285 million units, a 6.5% year-on-year increase, indicating a strong recovery in consumer electronics demand [4] - The company is well-positioned to benefit from the anticipated growth in the AI smartphone market, projected to capture 70% market share by 2028 [4] - The domestic new energy vehicle sales increased by 31.96% year-on-year in H1 2024, contributing to the demand for passenger vehicle coatings [5]