TMT(600458) 华创证券·2024-08-28 17:07Investment Rating - The report maintains a "Recommended" investment rating for the company with a target price of 13.2 CNY per share [1]. Core Insights - The company achieved a revenue of 8.66 billion CNY in the first half of 2024, representing a year-on-year increase of 5.4%. The net profit attributable to shareholders was 220 million CNY, up 9.5% year-on-year, while the net profit excluding non-recurring items reached 200 million CNY, reflecting a 16.6% increase [1]. - The rail transit segment saw significant growth, with a revenue increase of 23.9% year-on-year in H1 2024, driven by high domestic and international orders [2]. - The wind power blade business experienced a slight revenue decline of 0.5% year-on-year in H1 2024, but is expected to reach a delivery peak in the second half of the year due to sufficient market orders [2]. - The automotive parts segment turned profitable with a net profit of 2.472 million CNY in H1 2024, showing a revenue increase of 10.4% year-on-year [2]. - The company's gross profit margin improved to 16.5%, up 1.2 percentage points year-on-year, attributed to lower raw material prices and optimized product structure [2]. Financial Summary - Total revenue is projected to grow from 17.538 billion CNY in 2023 to 20.056 billion CNY in 2024, with a year-on-year growth rate of 14.4% [3]. - Net profit attributable to shareholders is expected to increase from 386 million CNY in 2023 to 513 million CNY in 2024, reflecting a growth rate of 32.7% [3]. - Earnings per share (EPS) is forecasted to rise from 0.47 CNY in 2023 to 0.62 CNY in 2024, with a corresponding price-to-earnings (P/E) ratio of 14 [3].