星宇股份：2024年中报点评：优质新能源项目放量，24Q2营收净利超预期

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 159.5 CNY [1]. Core Insights - The company reported a record high revenue of 3.3 billion CNY in Q2 2024, representing a year-on-year increase of 32% and a quarter-on-quarter increase of 37% [1]. - The net profit attributable to shareholders for Q2 2024 was 351 million CNY, up 34% year-on-year and 45% quarter-on-quarter, with a net profit margin of 10.6% [1]. - The company is positioned in a competitive sector with a focus on high-quality new energy projects, which are expected to drive further growth [1]. - The company has seen a significant increase in sales from new energy vehicle projects, contributing to its revenue growth [1]. - The company is expected to benefit from a strong partnership with Huawei and an accelerated global expansion strategy [1]. Financial Summary - Total revenue for 2023 is projected at 10,248 million CNY, with expected growth rates of 29.4% in 2024, 18.6% in 2025, and 19.3% in 2026 [2]. - The net profit for 2024 is estimated at 1,519 million CNY, reflecting a year-on-year growth of 37.8% [2]. - Earnings per share (EPS) are projected to increase from 3.86 CNY in 2023 to 5.32 CNY in 2024 [2]. - The company’s price-to-earnings (P/E) ratio is expected to decrease from 31 times in 2023 to 23 times in 2024 [2].