科博达：公司简评报告：客户结构优化，新产品加速全球化拓展

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company reported a revenue of 2.742 billion yuan for H1 2024, representing a year-on-year increase of 40%, with a net profit attributable to shareholders of 372 million yuan, up 35% year-on-year [9] - Significant growth was observed in the body domain controller and chassis controller segments, with the energy management system business showing remarkable growth [9] - The company has optimized its customer structure, with new energy vehicle brands contributing over 15% to revenue, including a 158% year-on-year increase in sales from the Li Auto brand [9] - The company secured major contracts for new products, including next-generation LED headlight controllers for Audi and suspension controllers for various automotive brands, indicating progress in global market expansion [9] Summary by Sections Financial Performance - In H1 2024, the company achieved a gross margin of 29.14%, a decrease of 1.78 percentage points year-on-year, while the expense ratio was 15.38%, down 1.59 percentage points year-on-year [9] - The company’s revenue from various segments in H1 2024 included 1.378 billion yuan from lighting control systems, 439 million yuan from motor control systems, 319 million yuan from energy management systems (up 104% year-on-year), and 415 million yuan from vehicle electronics [9] Business Outlook - The company expects to achieve net profits of 844 million yuan, 1.076 billion yuan, and 1.346 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 2.09 yuan, 2.66 yuan, and 3.66 yuan [10] - The projected PE ratios for 2024, 2025, and 2026 are 21X, 17X, and 13X respectively, based on the closing price on August 26, 2024 [10] Market Position - The company maintains a strong market position in the lighting control sector with ample orders on hand, and the expansion of high-value new products such as domain controllers and Efuse is progressing smoothly [10]