APG(SZ:002284) Soochow Securities·2024-08-28 14:30Investment Rating - The report maintains a "Buy" rating for the company [1][3] Core Views - The company reported a significant year-on-year increase in performance for the first half of 2024, with revenue reaching 2.005 billion yuan, up 14.28%, and net profit attributable to shareholders at 104 million yuan, up 53.90% [2] - The gross margin continues to recover, with a gross margin of 18.35% in Q2 2024, reflecting a quarter-on-quarter increase of 0.2 percentage points [2] - The company has a robust order backlog, with 136 new projects initiated in 2023, including 58 related to automotive electronic control systems [2] Financial Forecasts and Valuation - Revenue forecasts for 2024-2026 are maintained at 46 billion yuan, 55 billion yuan, and 64 billion yuan, representing year-on-year growth of 19%, 20%, and 16% respectively [3] - Net profit forecasts for the same period are 190 million yuan, 240 million yuan, and 280 million yuan, with year-on-year growth of 101%, 24%, and 16% respectively [3] - The corresponding P/E ratios are projected to be 25, 21, and 18 times for 2024, 2025, and 2026 [3]