THEC(BJ:833509)2024-08-22 07:38Investment Rating - The report maintains a "Recommended" investment rating for Tonghui Electronics (833509.BJ) [2][5] Core Viewpoints - In the first half of 2024, the company achieved double growth in revenue and profit, with operating income of 86.11 million yuan, a year-on-year increase of 12.78%, and a net profit attributable to shareholders of 18.86 million yuan, up 14.53% year-on-year [1] - The growth in revenue is attributed to the recovery in consumer electronics and significant expansion in the new energy testing sector, with key revenue sources including component parameter testing instruments and safety wire testing instruments [1][2] - The company has maintained a high level of R&D investment, with R&D expenses of 11.84 million yuan in the first half of 2024, a year-on-year increase of 8.97%, and a R&D expense ratio of 13.75% [2] - The share buyback program, announced on June 11, 2024, aims to use self-owned funds to repurchase shares for employee stock ownership plans, reflecting confidence in the company's future development [2][5] Financial Performance Summary - For the first half of 2024, the company reported a gross margin of 55.58% and a net margin of 21.80%, indicating stable profitability levels [1] - The company expects net profits for 2024-2026 to be 45 million, 56 million, and 69 million yuan respectively, with year-on-year growth rates of 16.21%, 24.50%, and 24.06% [5] - The projected operating income for 2024 is 195 million yuan, reflecting a growth rate of 15.16% compared to 2023 [5]