Investment Rating - The investment rating for the company is "Accumulate (Maintain)" [2][9]. Core Views - The company achieved a significant growth in net profit for H1 2024, with a year-on-year increase of 55.2%, reaching 0.78 billion yuan, while revenue grew by 18.3% to 3.4 billion yuan [2][3]. - The company's gross margin improved significantly to 35.38%, up by 4.08 percentage points year-on-year, indicating strong product development capabilities and a rich product matrix [3]. - The company is experiencing steady revenue growth, particularly in the new energy vehicle sector, with multiple key customer projects entering mass production, contributing to a rapid increase in market share and vehicle value [3]. Financial Performance Summary - For H1 2024, the company reported revenue of 3.4 billion yuan, a year-on-year increase of 18.3%, and a net profit of 0.78 billion yuan, up 55.2% [2][3]. - The second quarter of 2024 saw revenue of 1.82 billion yuan, a 16.7% increase year-on-year, and a net profit of 0.42 billion yuan, reflecting a 41.7% growth [2][3]. - The company is projected to achieve total revenues of 8.33 billion yuan, 10.51 billion yuan, and 12.51 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 1.58 billion yuan, 2.02 billion yuan, and 2.45 billion yuan [6][7]. Market Position and Client Base - The company has established a strong position in the high-end precision injection molding market, primarily serving the automotive and home appliance sectors, with notable clients including major domestic and international brands [3][4]. - The continuous development of new products and the expansion of domestic and international projects have led to an increase in new customer acquisitions, particularly in the new energy vehicle parts market [3].
肇民科技：2024年中报点评：2024年H1归母净利润高速增长，丰富客户资源赋能公司快速增长