KEBODA(SH:603786)2024-08-26 12:26Investment Rating - The report maintains a "Recommended" rating for the company [3][8]. Core Insights - The company reported a revenue of 2.742 billion yuan for the first half of 2024, a year-on-year increase of 39.85%, and a net profit attributable to shareholders of 372 million yuan, up 34.85% year-on-year [1]. - In Q2 2024, the company achieved a revenue of 1.325 billion yuan, a year-on-year increase of 26.45%, but a quarter-on-quarter decrease of 6.49% [1]. - The gross margin for H1 2024 was 29.14%, down 1.78 percentage points year-on-year, with Q2 gross margin at 26.12%, down 4.47 percentage points year-on-year [1]. - The company is experiencing pressure on gross margins due to changes in product and customer structure, as well as annual reductions from major manufacturers [1]. - The company has established strong relationships with global leading manufacturers, securing 43 new projects in the first half of 2024, indicating a robust international market expansion capability [2]. Financial Performance Summary - The company is projected to achieve revenues of 6.286 billion yuan, 7.773 billion yuan, and 9.295 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 839 million yuan, 1.128 billion yuan, and 1.452 billion yuan for the same years [8][9]. - The diluted EPS is expected to be 2.08 yuan, 2.79 yuan, and 3.60 yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 21.93, 16.32, and 12.68 [8][9]. - The company’s gross margin is projected to decline slightly to 28.11% in 2024, with a gradual decrease to 27.72% by 2026 [9].