星宇股份：新项目放量、费控优秀，业绩增长超预期

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Insights - The company achieved a revenue of 5.72 billion yuan in H1 2024, representing a year-on-year increase of 29.2%, with a net profit of 594 million yuan, up 27.3% year-on-year [1] - The second quarter saw a revenue of 3.30 billion yuan, a year-on-year growth of 32.1%, and a net profit of 350 million yuan, reflecting a 33.6% increase year-on-year [1] - The company has successfully expanded its high-end projects and maintained excellent cost control, leading to improved profitability [1] - The company is deepening its domestic presence while steadily advancing its globalization strategy, having entered the supply chains of foreign luxury brands [1] Financial Performance Summary - For 2024E, the company is projected to achieve a revenue of 12.95 billion yuan, with a year-on-year growth of 26.3%, and a net profit of 1.50 billion yuan, reflecting a 36.0% year-on-year increase [2][3] - The company’s gross margin is expected to be 21.5% in 2024, with a net margin of 11.6% [10] - The earnings per share (EPS) is projected to be 5.25 yuan in 2024, increasing to 8.63 yuan by 2026 [3][10] Market Position and Client Base - The company has a broad client base, including major automotive manufacturers such as Volkswagen, Toyota, and Mercedes-Benz, and is increasingly focusing on high-end models [1] - The collaboration with Huawei on the intelligent headlights for the AITO M9 has significantly contributed to revenue growth [1] Future Outlook - The company is expected to continue its strong growth trajectory, with projected revenues of 16.16 billion yuan in 2025 and 20.04 billion yuan in 2026, maintaining growth rates of 24.8% and 24.1% respectively [2][3] - The company is also focusing on enhancing its research and development capabilities to close the technology gap with international competitors [1]