海晨股份：新能源业务收入下滑，新增业务有效对冲

Investment Rating - The report maintains a "Buy" rating for the company [1][6]. Core Views - The company's revenue for the first half of 2024 was 812 million RMB, a year-on-year decline of 9.2%, with a net profit attributable to shareholders of 150 million RMB, down 13.8% year-on-year [1]. - The decline in revenue is primarily attributed to a decrease in revenue from major customers in the new energy sector, which was offset by new business income of 102 million RMB, accounting for 11.43% of total revenue [1]. - The company has seen a recovery in the consumer electronics sector and successful development in its automation business, with a positive outlook for future growth [1]. Summary by Sections Performance Overview - In 1H2024, the company achieved operating income of 812 million RMB, down 9.2% year-on-year, and a net profit of 150 million RMB, down 13.8% year-on-year [1]. - In Q2 2024, the company reported operating income of 410 million RMB, a decrease of 8.2% year-on-year, and a net profit of 93 million RMB, down 19.2% year-on-year [1]. Operational Analysis - Revenue from new energy customers decreased by 185 million RMB, which accounted for 20.66% of total revenue in the first half of 2023 [1]. - New business income from semiconductor logistics and automation grew by 85.27 million RMB and 16.95 million RMB, respectively [1]. - The company has expanded its customer base in the new energy sector and has seen growth in its semiconductor and automation businesses [1]. Profitability and Cost Structure - The gross margin for 1H2024 was 24.55%, an increase of 2.2 percentage points year-on-year [1]. - R&D expenses increased by 22.8% year-on-year, reflecting the company's commitment to innovation [1]. - The decline in net profit was exacerbated by a decrease in foreign exchange gains, which fell by 25.48 million RMB [1]. Future Outlook - The company has adjusted its net profit forecasts for 2024-2026 to 320 million RMB, 360 million RMB, and 400 million RMB, respectively [1]. - The report highlights a competitive landscape in the new energy logistics market but maintains a positive outlook for the company's growth in automation and consumer electronics sectors [1].