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浙江仙通:2024年中报点评:2024年H1归母净利润同比高增70%,新能源车项目加码持续贡献业绩弹性

Investment Rating - The investment rating for the company is "Accumulate (Maintain)" [2][8] Core Views - The company achieved a significant increase in net profit, with a year-on-year growth of 70% in H1 2024, driven by the expansion of its new energy vehicle projects [2][3] - The revenue for H1 2024 reached 555 million yuan, representing a year-on-year increase of 21.7%, supported by strong performance from core clients such as Geely and Chery, as well as the ramp-up of new energy vehicle production [3][5] - The company’s gross margin improved to 31.14%, up 3.37 percentage points year-on-year, indicating enhanced profitability due to revenue growth, ongoing project launches, and effective cost control [3][5] Summary by Sections Financial Performance - In H1 2024, the company reported a net profit attributable to shareholders of 91 million yuan, a 70% increase year-on-year, with a net profit margin of 16.47%, up 4.68 percentage points [2][3] - The company’s revenue for Q2 2024 was 285 million yuan, reflecting a year-on-year growth of 22.9% [2][3] Market Position and Growth Potential - The new energy vehicle projects contributed approximately 15.3% to total revenue in H1 2024, an increase of 5 percentage points compared to the previous year [3] - The company has secured 1.2 times the number of projects in H1 2024 compared to the total projects acquired in 2023, with a focus on new energy vehicle initiatives [3][5] Earnings Forecast - The company is projected to achieve total revenue of 1.333 billion yuan, 1.595 billion yuan, and 1.820 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 25%, 20%, and 14% [5][6] - The net profit attributable to shareholders is expected to reach 231 million yuan, 290 million yuan, and 339 million yuan for the same years, with growth rates of 53%, 25%, and 17% [5][6]