RAYHOO MOTOR DIES(SZ:002997) Soochow Securities·2024-08-20 21:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Views - The company reported a 30.45% year-on-year increase in revenue for the first half of 2024, reaching 1.121 billion yuan, and a 79.35% increase in net profit attributable to shareholders, amounting to 162 million yuan [2] - In Q2 2024, the company achieved a revenue of 615 million yuan, representing a 29.46% year-on-year growth and a 21.70% quarter-on-quarter growth, with a net profit of 86 million yuan, up 81.70% year-on-year and 13.29% quarter-on-quarter [2] - The company's performance in Q2 2024 met expectations, with an increase in gross margin and a decrease in expense ratios [2] Summary by Sections Revenue and Profitability - Total revenue for 2024 is projected to be 2.716 billion yuan, with a year-on-year growth of 44.71% [3] - The net profit attributable to shareholders is forecasted to reach 340.47 million yuan in 2024, reflecting a year-on-year increase of 68.33% [3] - The earnings per share (EPS) for 2024 is estimated at 1.63 yuan, with a price-to-earnings (P/E) ratio of 16.94 [3] Business Segments - The automotive manufacturing equipment business is experiencing stable growth, while the automotive parts business is rapidly expanding [2] - The company has seen a 14.95% increase in its order backlog for automotive manufacturing equipment, totaling 3.93 billion yuan as of June 2024 [2] Financial Forecasts - The adjusted net profit forecasts for 2024, 2025, and 2026 are 340 million yuan, 434 million yuan, and 530 million yuan, respectively [3] - The projected EPS for 2025 and 2026 are 2.07 yuan and 2.53 yuan, with corresponding P/E ratios of 13.29 and 10.89 [3]