泰嘉股份：锯切主业依然稳健，期待电源业务放量

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company's main business of sawing remains stable, with expectations for the power supply business to ramp up [1][2] - In the first half of 2024, the company achieved operating revenue of 862 million yuan, a year-on-year decrease of 8.84%, and a net profit attributable to shareholders of 54 million yuan, down 10.79% year-on-year [1] - The sawing business generated revenue of 336 million yuan in the first half of 2024, a year-on-year increase of 4.21%, with a gross margin of 44.15%, up 2.55 percentage points year-on-year [1] - The power supply business saw a revenue of 526 million yuan in the first half of 2024, a year-on-year decline of 15.59% [2] Summary by Sections Company Overview - The company is a leader in the domestic market for bi-metal band saw blades, holding approximately 35% market share, and ranks among the top three globally [1] - The company has a strong manufacturing capability and is positioned to enhance its market share due to its advantages in product quality and cost-effectiveness [1] Financial Performance - In Q2 2024, the company reported operating revenue of 418 million yuan, a year-on-year decrease of 16.22%, and a net profit of 22 million yuan, down 7.50% year-on-year [1] - The company’s non-recurring net profit for the first half of 2024 was 55 million yuan, reflecting a year-on-year increase of 5.86% [1] Business Segments - The sawing business is expected to continue its steady growth, while the power supply segment is anticipated to improve as production efficiency increases and orders are fulfilled [2] - The power supply business is currently in a capacity ramp-up phase, with uncertainties regarding its growth trajectory [2] Future Outlook - The company is projected to achieve net profits of 137 million yuan, 252 million yuan, and 350 million yuan for the years 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 23, 12, and 9 [2]