兆威机电：Q2盈利短期承压，灵巧手产品前景广阔

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady revenue growth, with a 28.10% year-on-year increase in H1 2024, achieving revenue of 645 million yuan, while Q2 revenue reached 333 million yuan, reflecting an 18.20% year-on-year increase and a 6.52% quarter-on-quarter increase [1] - The net profit attributable to the parent company for H1 2024 was 94 million yuan, a year-on-year increase of 29.05%, while the net profit for Q2 was 38 million yuan, showing a year-on-year decrease of 13.51% and a quarter-on-quarter decrease of 30.55% [1] - The company is focusing on the development of humanoid robot dexterous hands, achieving positive progress in this area [1] Financial Performance Summary - The company achieved a gross margin of 31.23% in H1 2024, up 3.19 percentage points year-on-year, while the net profit margin was 14.54%, up 0.11 percentage points year-on-year [1] - In Q2 2024, the gross margin was 29.72%, up 0.95 percentage points year-on-year but down 3.11 percentage points quarter-on-quarter, with a net profit margin of 11.56%, down 4.24 percentage points year-on-year and down 6.17 percentage points quarter-on-quarter [1] - The company’s micro drive system business generated revenue of 413 million yuan in H1 2024, a year-on-year increase of 24.22%, while the precision injection molding business achieved revenue of 206 million yuan, a year-on-year increase of 34.36% [1][2] Future Earnings Forecast - The company is expected to achieve net profits attributable to the parent company of 199 million yuan in 2024, 255 million yuan in 2025, and 318 million yuan in 2026, with corresponding EPS of 0.83 yuan, 1.07 yuan, and 1.33 yuan per share [2][3] - The projected P/E ratios for 2024, 2025, and 2026 are 44, 35, and 28 times, respectively [2][3]