RAYHOO MOTOR DIES(002997) 天风证券·2024-08-20 09:00Investment Rating - The report maintains a "Buy" rating for the company, with an expected price-to-earnings (PE) ratio of 17/13/10 times for the years 2024-2026 [2][4]. Core Insights - The company's revenue for the first half of 2024 reached 1.12 billion yuan, representing a year-on-year increase of 30.45%. The equipment business generated 830 million yuan, up 7.7% year-on-year, while the automotive parts business saw a significant increase of 244.8% to 260 million yuan [1][2]. - The company reported a net profit attributable to shareholders of 162 million yuan for the first half of 2024, a year-on-year increase of 79.35% [1][2]. - The company has established a wholly-owned subsidiary in Singapore to enhance its international business and competitiveness [1][3]. Financial Performance Summary - For the second quarter of 2024, the company achieved a revenue of 615 million yuan, a year-on-year increase of 29.5% and a quarter-on-quarter increase of 21.7% [1]. - The gross profit margin for the second quarter of 2024 was 24.5%, up 4.8 percentage points year-on-year [1]. - The company’s total orders in the automotive manufacturing equipment business reached 3.93 billion yuan as of June 30, 2024, an increase of 14.95% from the end of the previous year [1]. Business Growth and Strategy - The company has focused on automotive manufacturing equipment, including stamping molds and automation production lines, with clients such as Volkswagen, Honda, and Geely [1]. - The automotive lightweight components business is gradually ramping up production, with related vehicle projects entering mass production [1][2]. - The partnership with Chery, a significant client, has contributed to the rapid growth of the company's automotive parts business, with Chery's sales increasing by 48.4% year-on-year in the first half of 2024 [2][3].