Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company reported a net profit of 4,681 million yuan for the first half of 2024, representing a year-on-year increase of 13% [1] - The company's revenue for Q2 2024 reached 1.60 billion yuan, a year-on-year increase of 40% [1] - The report highlights strong growth in both sensor and actuator segments, with sensors achieving a revenue of 2.14 billion yuan, up 37% year-on-year [1] - The company is recognized as a leader in the domestic ultrasonic sensor industry, focusing on continuous innovation and market expansion [1] Financial Performance Summary - Revenue projections for the company are as follows: - 2022A: 378 million yuan - 2023A: 467 million yuan (24% growth) - 2024E: 565 million yuan (21% growth) - 2025E: 683 million yuan (21% growth) - 2026E: 809 million yuan (18% growth) [1] - Net profit projections are: - 2022A: 53 million yuan - 2023A: 77 million yuan (45% growth) - 2024E: 96 million yuan (24% growth) - 2025E: 116 million yuan (21% growth) - 2026E: 139 million yuan (20% growth) [1] - The company's gross margin for the first half of 2024 was 35.59%, a slight decrease from the previous year [1] Business Segment Analysis - The sensor segment accounted for 75% of total revenue in the first half of 2024, with a gross margin of 37.97% [1] - The actuator segment generated revenue of 654.8 million yuan, representing a year-on-year increase of 26% [1] - Domestic market revenue increased by 63% year-on-year, while the overseas market revenue decreased by 9.68% [1] Market Position and Strategy - The company is expanding its product applications into smart vehicles, smart instruments, and industrial control [1] - The report emphasizes the importance of R&D, with a focus on new technologies and products, including lead-free pressure sensors [1] - The company aims to maintain a competitive edge through continuous innovation and market development [1]
奥迪威：Q2业绩稳健增长，持续创新拓宽市场边界