华工科技：Q2业绩环比高增，经营拐点或现

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company reported a revenue of 5.2 billion yuan for the first half of 2024, representing a year-on-year increase of 3.51%, with a net profit of 625 million yuan, up 7.40% year-on-year [5] - In Q2 2024, the company achieved a revenue of 3.03 billion yuan, a year-on-year increase of 28.45% and a quarter-on-quarter increase of 39.62% [5] - The company is focusing on strengthening sales and management expense control while increasing R&D investment by 21.41% year-on-year [6] - The forecast for revenue from 2024 to 2026 is 12.73 billion yuan, 15.55 billion yuan, and 17.55 billion yuan respectively, with net profits expected to be 1.32 billion yuan, 1.78 billion yuan, and 2.18 billion yuan [6][10] Financial Summary - The company’s revenue for 2023 is projected at 10.21 billion yuan, with a year-on-year decrease of 15.0%, followed by a recovery with a 24.7% increase in 2024 [7][10] - The gross profit margin is expected to improve from 23.1% in 2023 to 25.4% in 2026 [10] - The earnings per share (EPS) is forecasted to be 1.00 yuan in 2023, increasing to 2.16 yuan by 2026 [10] Business Segmentation - The smart manufacturing segment is expected to generate revenue of 17.27 billion yuan in 2024, with a gross margin of 35.28% [5] - The sensing business is projected to achieve revenue of 18.44 billion yuan in 2024, with a gross margin of 25.64% [5] - The connectivity business is expected to see a revenue decline to 15.95 billion yuan in 2024, with a gross margin of 7.81% [5][8]