汉威科技：稳健经营拓展产品边界，期待盈利能力回升

Investment Rating - The report assigns a rating of "Accumulate" with a downward adjustment [3] Core Views - The company achieved operating revenue of 1.114 billion yuan in the first half of 2024, a year-on-year increase of 1.92%, but the net profit attributable to shareholders decreased by 26.20% to 51.61 million yuan [1] - The sensor business has returned to rapid growth, with revenue of 155 million yuan in the first half of 2024, a year-on-year increase of 44.61%, driven by adjustments in product structure and increased sales of high-margin products [1][2] - The gross margin for the first half of 2024 was 27.75%, down 1.10 percentage points year-on-year, but improved by 8.91 percentage points quarter-on-quarter [1] Financial Performance - The company reported a revenue of 2.287 billion yuan in 2023, with a projected revenue of 2.365 billion yuan for 2024, reflecting a growth rate of 3.39% [5] - The net profit attributable to shareholders is projected to decline to 121.39 million yuan in 2024, down from 130.80 million yuan in 2023 [5] - The gross margin for the sensor business was 35.93% in the first half of 2024, an increase of 1.10 percentage points year-on-year [1] Business Expansion - The company is expanding its sensor business into new fields such as home appliances, automotive, and robotics, achieving significant progress [2] - In the home appliance sector, the company developed refrigerant sensors and obtained the first domestic certification for refrigerant detection [2] - The company is actively participating in experiments with automotive battery manufacturers, achieving substantial progress in related products [2]