业绩短期承压，静待投产放量

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [4] Core Views - The company experienced short-term pressure on performance, with a revenue decline of 15.4% year-on-year in H1 2024, totaling 156 million yuan, while net profit attributable to shareholders increased by 45.2% year-on-year to 19.96 million yuan. The revenue drop was primarily due to weak demand in the waste heat recovery sector and delays in overseas component certification [2][6] - The company is undergoing a painful transition towards high value-added products and is expected to stabilize and recover performance with the introduction of new products and new customer onboarding in the second half of the year [2][6] Financial Performance Summary - In Q2 2024, the company achieved a revenue of 94.41 million yuan, down 6% year-on-year but up 53.4% quarter-on-quarter, with a net profit of 11.61 million yuan, down 42.8% year-on-year but up 39% quarter-on-quarter [2][6] - The comprehensive gross margin for H1 2024 was 25.5%, a decrease of 7.7 percentage points year-on-year, attributed to rising raw material prices and reduced demand in high-margin sectors [6] - The company has increased its R&D investment, with R&D expenses accounting for 4.5% of sales in H1 2024, indicating a commitment to developing high value-added products across multiple sectors [6] Revenue and Profit Forecast - The company is projected to achieve revenues of 387 million yuan, 449 million yuan, and 526 million yuan for 2024, 2025, and 2026 respectively, representing year-on-year growth rates of 12.6%, 16.1%, and 17.1% [6][7] - Net profit attributable to shareholders is expected to be 55 million yuan, 61 million yuan, and 68 million yuan for the same years, with growth rates of 12%, 10%, and 13% respectively [6][7] Market Position and Strategy - The company has completed the construction of its fundraising projects and is in the process of installing production equipment, with expectations for production ramp-up in the second half of the year [2][6] - A new wholly-owned subsidiary is planned to enhance diversified industrial layout and integrate into local industrial clusters, aiming to improve overall competitiveness and growth potential [6]