迈信林：年中报点评：归母净利润同比增长62.05%，产能及加工效率得到有效提高

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [1][2]. Core Insights - The company achieved a significant year-on-year increase in net profit attributable to shareholders of 62.05% in the first half of 2024, with total revenue reaching 186 million yuan, a growth of 26.67% compared to the previous year. This growth is attributed to upgrades in technology and equipment, leading to improved capacity and processing efficiency, as well as increased revenue from the newly launched computing server leasing and sales business [1][2]. - The company further acquired an additional 30% stake in its subsidiary Zheng Feijiang, enhancing management efficiency and resource allocation. This strategic move aims to bolster the company's capabilities in the computing service sector, particularly in artificial intelligence [2]. - The company has established a strong competitive advantage in the aerospace sector through technological innovation, product diversification, and stringent quality control. It is one of the few private manufacturers in China capable of designing, manufacturing, and assembling various aerospace components, which positions it well for future growth in the high-demand aerospace market [2]. - The financial forecasts for the company remain optimistic, with projected net profits for 2024, 2025, and 2026 expected to be 68 million, 131 million, and 211 million yuan, respectively. The corresponding price-to-earnings ratios are estimated to be 52, 27, and 17 times [2]. Financial Performance Summary - In the first half of 2024, the company reported total revenue of 186 million yuan, a 26.67% increase year-on-year, and a net profit of 28.78 million yuan, reflecting a 62.05% increase year-on-year [1]. - The company's revenue growth is primarily driven by advancements in technology and an increase in sales from the computing server business, while R&D expenses decreased by 17.52% due to a strategic shift away from semiconductor-related investments [1][2]. - The company's financial metrics indicate a strong recovery, with a projected net profit growth rate of 345.69% for 2024, following a decline in the previous year [8].