Investment Rating - The report maintains a "Buy" rating for the company with a target price of 31.80 CNY over the next six months [1][7]. Core Views - The company's performance is currently under pressure due to lower-than-expected sales from downstream customers, impacting revenue and net profit [1]. - The company is actively enhancing its production capacity, particularly in integrated die-casting, which is expected to contribute significantly to future revenue growth [1]. - The company has received orders from a leading domestic electric vehicle manufacturer, indicating strong future sales potential [1]. Summary by Sections Financial Performance - For the first half of 2024, the company reported revenue of 1.53 billion CNY, a year-on-year decrease of 11.6%, and a net profit of 220 million CNY, also down 11.6% year-on-year [1]. - In Q2 2024, revenue was 750 million CNY, down 17.1% year-on-year and 3.6% quarter-on-quarter, with a net profit of 100 million CNY, down 26.3% year-on-year and 9.4% quarter-on-quarter [1]. - The gross margin for H1 2024 was 22.5%, a decrease of 2.2 percentage points year-on-year, while the net margin was 14.2%, down 0.1 percentage points year-on-year [1]. Production Capacity and Strategy - The company is expanding its integrated die-casting capacity with four production lines in Jiangsu and Anhui, which have transitioned from construction to fixed assets as of June 30, 2024 [1]. - A new production line is under construction in Changzhou, Jiangsu, expected to start mass production in 2025 [1]. - The company has secured a project with a major domestic electric vehicle manufacturer, with expected sales of 2.1 to 2.3 billion CNY over the project's lifecycle [1]. Future Outlook - The company anticipates improved order scheduling for the second half of 2024, driven by new model launches from key customers [1]. - Earnings per share (EPS) forecasts for 2024-2026 are 2.12, 2.46, and 2.81 CNY, respectively, with a projected compound annual growth rate (CAGR) of 10.53% for net profit [1][6]. - The report estimates revenue growth of 6.8%, 20.1%, and 24.5% for 2024, 2025, and 2026, respectively [6].
多利科技：2024中报点评：公司业绩短期承压，一体化压铸有待放量