Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has achieved significant revenue growth in both its new energy vehicle and traditional vehicle parts businesses, with a revenue increase of 40.31% year-on-year in H1 2024, reaching 155 million yuan, and a net profit increase of 71.16%, amounting to 31.85 million yuan [4] - The company is expected to benefit from the completion of its second-phase fundraising project, which will enhance its competitiveness and operational capacity in the new energy vehicle sector [5] - The company maintains a positive outlook on its core products, including high-voltage connectors and air suspension components, which are expected to see increased demand from clients such as Tyco Electronics and Konghui Technology [4] Financial Summary - In H1 2024, the company reported a revenue of 155 million yuan, a 40.31% increase, and a net profit of 31.85 million yuan, a 71.16% increase, with a gross margin rising to 33.70% [4] - The company forecasts net profits for 2024-2026 to be 69 million yuan, 90 million yuan, and 117 million yuan respectively, with corresponding EPS of 0.72 yuan, 0.93 yuan, and 1.21 yuan per share [4] - The overall gross margin is expected to continue improving, supported by the expansion of production capacity and product offerings [4][5] Business Performance - The sales revenue for new energy vehicle parts reached 64.13 million yuan, up 42.01%, while traditional fuel vehicle parts sales increased by 52.01% to 33.68 million yuan in H1 2024 [4] - The company has successfully expanded its production capacity for high-voltage connectors and high-voltage shielding covers, positioning itself well in the new energy vehicle market [5] Research and Development - The company added 9 new patents in H1 2024, including 3 invention patents, bringing the total to 75 patents, with 12 being invention patents [5] - Continuous R&D efforts are expected to drive product expansion and process improvements, contributing to future revenue growth and enhanced profitability [5]
易实精密：北交所信息更新：新能源车与传统车业务双箭齐发，二期募投竣工为新能源车布局提速