Anjie(SZ:002635) Guotou Securities·2024-08-23 06:00Investment Rating - The report assigns a "Buy - A" investment rating to the company with a 6-month target price of 14.75 CNY, representing a dynamic P/E ratio of 25.00x for 2024 [6][9][12]. Core Insights - The company reported a revenue of 2.415 billion CNY for H1 2024, marking a year-on-year increase of 29.42%, and a net profit of 175 million CNY, up 27.31% year-on-year [2][3]. - The recovery in the consumer electronics industry, driven by advancements in artificial intelligence, has positively impacted the company's performance, particularly in smart terminal components and precision structural parts, which saw a revenue increase of 45.48% year-on-year [3][4]. - The company's expansion into the electric vehicle market is also noteworthy, with H1 2024 revenue from new energy vehicle products reaching 789 million CNY, a 12.50% increase year-on-year, supported by a growing market for electric vehicles [4][13]. - The information storage business has shown growth, with a year-on-year increase of 26.10% in H1 2024, as the company enhances its capabilities in precision manufacturing and design [5][12]. Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 2.415 billion CNY, with Q2 alone contributing 1.252 billion CNY, reflecting a 26.97% year-on-year growth [2][3]. - The net profit for H1 2024 was 175 million CNY, with Q2 net profit at 69.34 million CNY, showing a slight year-on-year increase of 0.32% [2][3]. Industry Trends - The consumer electronics sector is experiencing a revival, with the company capitalizing on increased demand for smart terminal components and precision parts, leading to a significant revenue boost [3][4]. - The new energy vehicle market is expanding, with the company actively developing products for this sector, including wireless charging systems and hydrogen fuel cell components [4][13]. Future Projections - Revenue growth is projected at 15.1%, 14.4%, and 11.9% for 2024, 2025, and 2026 respectively, with net profit growth expected at 26.8%, 22.5%, and 20.2% for the same years [9][12]. - The company anticipates continued growth in its consumer electronics and information storage segments, driven by technological advancements and market demand [12][13].