星宇股份：新能源客户拓展顺利，新产品打开增长空间

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 142.56 yuan based on a 27x PE valuation for 2024 [2][4]. Core Insights - The company's performance met expectations with a revenue of 5.717 billion yuan in the first half of the year, representing a year-on-year growth of 29.2%. The net profit attributable to shareholders was 594 million yuan, up 27.3% year-on-year, and the non-recurring net profit was 558 million yuan, reflecting a 35.7% increase [1]. - In the second quarter, revenue reached 3.304 billion yuan, a 32.1% year-on-year increase and a 37.0% quarter-on-quarter increase. The net profit attributable to shareholders was 351 million yuan, up 33.6% year-on-year and 44.8% quarter-on-quarter [1]. - The company plans to distribute a dividend of 2 yuan for every 10 shares for the first half of 2024 [1]. - The gross margin in the second quarter rebounded sequentially, with a gross margin of 20.4%, a year-on-year decrease of 1.5 percentage points but an increase of 0.7 percentage points from the previous quarter [1]. - The company successfully expanded its customer base, adding 38 new vehicle development projects in the first half of 2024, which is an increase of 19 projects compared to the same period in 2023 [1]. Financial Summary - The company forecasts earnings per share (EPS) of 5.28 yuan, 6.52 yuan, and 7.79 yuan for 2024, 2025, and 2026 respectively [2]. - The projected revenue for 2024 is 12.409 billion yuan, with a year-on-year growth of 21.1% [7]. - The net profit attributable to shareholders is expected to reach 1.509 billion yuan in 2024, reflecting a year-on-year growth of 36.9% [7]. - The gross margin is projected to improve to 23.3% in 2024 [7].