Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The digital production project for heat exchangers is expected to create new growth opportunities, with domestic revenue in H1 2024 increasing by 87% [1][2] - The company focuses on parallel flow condensers and oil coolers, actively expanding its product lines to include intercoolers and radiators, widely used in automotive cooling systems [2] - The company has achieved a revenue of 175 million yuan in H1 2024, representing a year-on-year increase of 2.53%, with a net profit attributable to the parent company of 47.48 million yuan, up 0.73% [2] - The gross margin has improved to over 40%, with Q2 2024 revenue reaching 89 million yuan, an increase of 8.37% [2] Financial Performance Summary - In H1 2024, the company generated 164.36 million yuan from condensers (+0.64%) and 3.23 million yuan from oil coolers (+12.57%), with gross margins of 40.00% (+1.94 percentage points) and 49.54% (+1.05 percentage points) respectively [3] - Domestic sales revenue increased by 87% to 49.52 million yuan, accounting for nearly 30% of total sales, indicating successful domestic market expansion [3] - The company's radiator products saw a significant growth of 251.47% year-on-year, reaching 129,000 yuan, with a gross margin of 65% [3] - The company has 63 patents as of June 30, 2024, with 9 new patents added in the first half of the year [3] Profit Forecast - The profit forecast for the company from 2024 to 2026 is as follows: net profit attributable to the parent company is projected to be 110 million yuan in 2024, 136 million yuan in 2025, and 164 million yuan in 2026, with corresponding EPS of 0.93, 1.15, and 1.38 yuan per share [2][4] - The current price-to-earnings (P/E) ratios are projected to be 10.2, 8.2, and 6.8 times for 2024, 2025, and 2026 respectively [2][4]
邦德股份：北交所信息更新：热交换器数字化生产项目达产有望缔造新增长，2024H1境内收入高增87%