均胜电子：盈利能力持续改善，静待智驾落地

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4][11]. Core Insights - The company reported a revenue of 27.079 billion RMB for the first half of 2024, a year-on-year increase of 0.24%, with a gross margin improvement of 2.14 percentage points to approximately 15.58%. The net profit attributable to shareholders was 637 million RMB, up 33.91% year-on-year [2]. - The automotive safety segment showed significant improvement, with revenues of 18.765 billion RMB and a gross margin increase of 3.3 percentage points to about 13.9%. All four major global business regions achieved profitability [2][3]. - The automotive electronics segment's revenue was stable at 8.134 billion RMB, primarily due to sales pressure from German and American automakers, maintaining a gross margin of approximately 19.4% [2]. Summary by Sections Performance Review - In Q2 2024, the company achieved a revenue of 13.801 billion RMB, a year-on-year increase of 0.06% and a quarter-on-quarter increase of 3.94%. The net profit for Q2 was 330 million RMB, reflecting a year-on-year increase of 19.96% and a quarter-on-quarter increase of 7.75% [2]. Business Analysis and Outlook - The automotive safety business is expected to see a mid-term recovery in profitability, supported by a global revenue contribution of 77% from overseas markets, minimal pricing pressure, and improved margins from high-profit domestic orders [3]. - The automotive electronics segment is progressing well, with expected revenue growth from overseas markets and new product developments in smart driving and cockpit control systems [3]. Profit Forecast, Valuation, and Rating - The company is projected to achieve revenues of 57.212 billion RMB, 59.659 billion RMB, and 63.562 billion RMB for 2024, 2025, and 2026, respectively. The net profit attributable to shareholders is expected to be 1.575 billion RMB, 2.284 billion RMB, and 3.007 billion RMB for the same years. The price-to-earnings ratio is forecasted to be 12.5, 8.6, and 6.6 for 2024, 2025, and 2026, respectively [4][6].