Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for future performance [1][4]. Core Insights - The company has shown strong revenue growth, with a 36.48% year-on-year increase in revenue to 363 million yuan in the first half of 2024, and a 57.43% increase in net profit to 80 million yuan [1][4]. - The automotive sector is the primary driver of revenue growth, contributing approximately 62.28% of total revenue, with sales from this sector increasing by 43.02% year-on-year [1][4]. - The company is expected to benefit from ongoing demand in the automotive sector and stable growth in non-automotive applications, with significant investments in production capacity expansion [4][8]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved revenue of 363 million yuan, a 36.48% increase year-on-year, and a net profit of 80 million yuan, up 57.43% [1][4]. - The gross margin improved to 46.91%, an increase of 4.77 percentage points compared to the same period in 2023 [1][4]. Revenue Breakdown - Revenue from the automotive sector reached 226 million yuan, accounting for 62.28% of total revenue, with a year-on-year growth of 43.02% [1][4]. - The new energy vehicle segment saw a remarkable growth of 70.11% year-on-year, becoming a core growth engine for the company [1][4]. Future Outlook - The company anticipates continued demand in the automotive sector, supported by policies promoting vehicle upgrades and a growing market for new energy vehicles [1][4]. - The report projects total revenue for 2024-2026 to be 807 million yuan, 1.021 billion yuan, and 1.244 billion yuan, with year-on-year growth rates of 25.4%, 26.5%, and 21.8% respectively [4][8]. Capacity Expansion - The company is expanding its production capacity with new facilities in Suzhou and Mexico, which are expected to enhance operational efficiency and support revenue growth [4][8]. - A new investment of 400 million yuan in Dongguan is planned to further increase production capacity by 20% [4][8].
骏鼎达：下游多领域需求景气叠加产能建设稳步推进，公司增长势能有望延续