RAYHOO MOTOR DIES(SZ:002997)2024-08-23 08:23Investment Rating - The report maintains a rating of "Accumulate" for the company [4]. Core Views - The company continues to show strong performance with significant growth in both equipment and auto parts businesses, with a revenue increase of 30.45% year-on-year in the first half of 2024 [2]. - The equipment business has a stable development, while the auto parts segment is experiencing rapid expansion, particularly with a remarkable 242.7% increase in revenue [2]. - The company is actively exploring international markets, having established a wholly-owned subsidiary in Singapore to enhance its global competitiveness [1][2]. Summary by Relevant Sections Financial Performance - In the first half of 2024, the company achieved a total revenue of 1.12 billion yuan, with equipment business revenue at 830 million yuan (up 7.8% year-on-year) and auto parts revenue at 260 million yuan (up 242.7% year-on-year) [2]. - The gross profit margin for the first half was 24.15%, an increase of 2.81 percentage points year-on-year, with a net profit margin of 16.15%, up 4.63 percentage points year-on-year [1]. - The company reported a net profit of 162 million yuan in the first half, representing a year-on-year increase of 79.35% [2]. Order Backlog and Market Expansion - As of June 2024, the company had an order backlog of 3.93 billion yuan for its equipment business, reflecting a 15% increase from the end of 2023, with high delivery visibility over the next 14-24 months [1]. - The company is actively developing new clients and models in the auto parts sector, with expectations for increased supply as production ramps up [1]. Future Projections - The report forecasts revenues of 2.748 billion yuan, 3.545 billion yuan, and 4.409 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 314 million yuan, 410 million yuan, and 517 million yuan [7][8]. - The expected earnings per share (EPS) for the same years are projected to be 1.50 yuan, 1.96 yuan, and 2.47 yuan, with price-to-earnings (P/E) ratios of 18, 14, and 11 respectively [7][8].