Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 173 million yuan for the first half of 2024, representing a year-on-year growth of 9.2%, with a net profit attributable to shareholders of 15 million yuan, up 17.6% year-on-year [2] - The mining business is under pressure, but the new energy charging and swapping business has significantly increased, with revenue from the three-dimensional new energy charging management system reaching 53 million yuan, a year-on-year increase of 266.2% [2] - The company is expected to benefit from policies promoting the intelligentization of mining and the increasing demand for safe charging networks due to the growing number of electric bicycles in China [2] - Cash flow management has improved significantly, with net cash flow from operating activities increasing by 170.8% year-on-year, primarily due to the growth in revenue from the new energy charging business [2] Financial Forecasts and Valuation - The company has adjusted its revenue forecasts for 2024-2026 to 5.46 billion, 6.76 billion, and 8.38 billion yuan respectively, and net profits to 700 million, 920 million, and 1.13 billion yuan respectively [3] - The price-to-earnings ratio (P/E) for 2024-2026 is projected to be 11.61, 8.85, and 7.18 times respectively, indicating that the company's valuation remains low [3]
科达自控：2024年中报点评：智能矿山业务承压，新能源充换电业务大幅增长