Investment Rating - The investment rating for Junchuang Technology is maintained at "Outperform" [1][2]. Core Views - The company's revenue for H1 2024 reached 385 million yuan, representing a year-on-year increase of 21.45%, while the net profit attributable to the parent company was 38.05 million yuan, down 15.45% [2]. - The company has seen a significant increase in export revenue, which grew by 39%, now accounting for nearly 70% of total revenue, driven by the progress of Junchuang North America's business [2]. - Despite the growth in revenue, the company's profit declined due to challenges faced by Junchuang North America, including slower project development and reduced customer orders [2]. Financial Summary - H1 2024 revenue breakdown: - Automotive plastic parts revenue: 357.73 million yuan (+15.72%) - Mould business revenue: 24.23 million yuan (+291.12%) - Export revenue: 262.05 million yuan (+39%) [2]. - The company plans to establish a wholly-owned subsidiary in Singapore and increase its investment in Junchuang North America to a total of 11 million USD, enhancing its overseas holding structure [3]. - The profit forecast for 2024-2026 has been adjusted downwards, with expected net profits of 89 million yuan, 111 million yuan, and 142 million yuan respectively, corresponding to EPS of 0.89, 1.10, and 1.42 yuan per share [2][3]. Valuation Metrics - The company's projected P/E ratios for 2024, 2025, and 2026 are 10.1, 8.1, and 6.3 respectively [2][5]. - The expected revenue growth rates for 2024, 2025, and 2026 are 5.3%, 22.9%, and 23.0% respectively [5][6]. - The projected gross margin for 2024 is 24.7%, with net profit margins of 12.1% [5][6].
骏创科技：北交所信息更新：新零件量产带动外销收入高增39%，增资北美公司虽短期承压但布局长远