Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [3]. Core Insights - The company reported a revenue of 127 million yuan for the first half of 2024, representing an 18.5% year-on-year growth, with a net profit of 22 million yuan, up 18.7% year-on-year [2]. - The gross margin remained stable at 30.8%, and the company completed a dividend distribution of 3.30 yuan per 10 shares in July 2024 [2]. - The company is actively developing new projects across multiple sectors to ensure steady growth, focusing on both domestic and international markets [2]. - The automotive wiring harness sector shows significant potential, with local suppliers increasingly being favored by international manufacturers due to cost control measures [2]. - The company has successfully launched several projects, including components for electric vehicle charging systems and smart control components for heat pumps [2]. - New opportunities in the flying car and energy storage sectors are emerging, with the company securing projects related to flying car wiring and collaborations in renewable energy systems [2]. Financial Forecasts - Revenue projections for 2024-2026 are estimated at 273 million, 327 million, and 395 million yuan, respectively, with net profits expected to be 51 million, 61 million, and 76 million yuan [3]. - The price-to-earnings (P/E) ratios for 2024-2026 are projected to be 18.06, 15.16, and 12.05, respectively, indicating a favorable valuation trend [3].
威贸电子：2024年中报点评：业绩稳健增长，新赛道值得期待