OLYMPIC(SH:603920) ZHONGTAI SECURITIES·2024-08-23 11:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved significant revenue growth in the first half of 2024, driven by strong demand in the automotive and data communication sectors [3][4] - The company is well-positioned in the automotive PCB market and is expanding its presence in the data communication field, which is expected to become a second growth driver [5] - The forecasted net profit for 2024, 2025, and 2026 is projected to be 681 million, 851 million, and 1,007 million yuan respectively, with a maintained "Buy" rating based on these expectations [6] Financial Performance Summary - In H1 2024, the company reported revenue of 2.396 billion yuan, a year-on-year increase of 11.38%, and a net profit of 303 million yuan, up 54.49% year-on-year [3] - The gross profit margin for H1 2024 was 22.76%, an increase of 5.15 percentage points year-on-year, while the net profit margin was 12.01%, up 3.6 percentage points year-on-year [3] - In Q2 2024, revenue reached 1.302 billion yuan, a year-on-year increase of 14.65%, and net profit was 194 million yuan, up 60.54% year-on-year [3] Business Drivers Summary - The company's revenue growth is attributed to a recovery in demand, optimization of product structure, and favorable exchange rate movements [4] - The company has established strong partnerships with major automotive brands and is a key supplier for their electric vehicle components [5] - In the data communication sector, the company has developed capabilities to produce advanced PCBs, positioning itself as a major supplier for AI server projects [5]