创世纪：Q2营收环比超40%，拐点基本确立

Investment Rating - The investment rating for the company is maintained at "Accumulate-A" [1] Core Views - The company reported a revenue of 2.061 billion yuan for the first half of 2024, a year-on-year increase of 0.31%, with a net profit attributable to shareholders of 158 million yuan, down 23.00% year-on-year [1] - Q2 revenue saw a quarter-on-quarter increase of over 40%, indicating a significant turning point for the company [1] - The recovery in the consumer electronics sector and the increasing demand for titanium alloy materials are expected to positively impact the company's performance [1] - The company’s drilling and tapping machine shipments increased by over 180% year-on-year in the first half of 2024, confirming the performance turning point [1] Financial Performance Summary - Revenue for 2022 was 4.527 billion yuan, which decreased to 3.529 billion yuan in 2023, with a forecasted increase to 4.757 billion yuan in 2024, representing a year-on-year growth of 34.8% [3] - Net profit for 2022 was 335 million yuan, dropping to 194 million yuan in 2023, with an expected rise to 471 million yuan in 2024, reflecting a year-on-year growth of 142.1% [3] - The gross margin is projected to stabilize around 25.3% from 2024 to 2026 [3] - The company’s P/E ratio is expected to decrease from 52.1 in 2023 to 21.5 in 2024, indicating improved valuation [3] Revenue and Profit Forecast - The revenue forecast for 2024-2026 has been adjusted to 4.757 billion yuan, 5.704 billion yuan, and 6.558 billion yuan, with year-on-year growth rates of 34.8%, 19.9%, and 15.0% respectively [1] - The net profit forecast for the same period has been revised to 471 million yuan, 576 million yuan, and 673 million yuan, with corresponding growth rates of 142.1%, 22.4%, and 16.8% [1] Market Position and Competitive Advantage - The company is recognized by leading domestic enterprises in the consumer electronics sector, such as Foxconn and BYD Electronics, for its competitive capabilities in precision processing of metal and non-metal components [1] - The ongoing optimization of supply patterns and the equipment replacement cycle are expected to further enhance the company's market position [1]