KSHG(605333) 民生证券·2024-08-28 04:31Investment Rating - The report maintains a "Recommended" rating for the company [4] Core Insights - The company reported a revenue of 3.418 billion yuan for H1 2024, representing a year-on-year increase of 142.03%, and a net profit attributable to shareholders of 255 million yuan, up 721.73% year-on-year [2] - In Q2 2024, the company achieved a revenue of 1.885 billion yuan, a year-on-year increase of 148.87% and a quarter-on-quarter increase of 22.97% [2] - The company has a strong order backlog, with expected annual orders for high-voltage harness projects reaching 2.3758 million sets from 2024 to 2026 [2] - The report highlights the growth potential in the wire harness market, predicting a total market size of 130.7 billion yuan by 2025 [2] Financial Forecasts - Revenue projections for 2024, 2025, and 2026 are 7.62 billion yuan, 10.16 billion yuan, and 12.70 billion yuan respectively, with corresponding net profits of 580 million yuan, 830 million yuan, and 1.03 billion yuan [3][6] - The expected EPS for the same years is 1.33 yuan, 1.89 yuan, and 2.37 yuan, with PE ratios of 18, 12, and 10 respectively [3][6] - The company’s net profit margin is projected to improve significantly, reaching 8.12% by 2025 [6]