儒竞科技：公司信息更新报告：热泵库存或已见底，新能源车热管理控制器持续高增

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report indicates that the inventory of heat pumps may have bottomed out, and the thermal management controllers for new energy vehicles continue to grow rapidly [3][4] - The company has established long-term stable partnerships with high-quality clients in the HVAC/R sector, and its business in the new energy vehicle thermal management field is experiencing high growth [3][4] - The report maintains the original profit forecast, expecting the company's revenue for 2024-2026 to be 1.781 billion, 2.549 billion, and 3.585 billion yuan respectively, with net profits of 234 million, 373 million, and 564 million yuan respectively [3][4] Financial Performance Summary - In the first half of 2024, the company achieved revenue of 660 million yuan, a year-on-year decrease of 16%, and a net profit of 94 million yuan, a year-on-year decrease of 19% [3] - The second quarter of 2024 saw a revenue of 360 million yuan, a quarter-on-quarter increase of 24%, and a net profit of 50 million yuan, a quarter-on-quarter increase of 17% [3] - The inventory balance at the end of the reporting period was 293 million yuan, the lowest since 2021 [3] Business Segment Analysis - In the HVAC/R sector, revenue for the first half of 2024 was 440 million yuan, down 32% year-on-year, with a gross margin of 21.7% [4] - The new energy vehicle thermal management sector generated revenue of 200 million yuan, up 69% year-on-year, with a gross margin of 25% [4] - The industrial drive sector had revenue of approximately 16 million yuan, indicating a small scale, but the company is increasing R&D investment in niche applications and robotics to cultivate future growth [4] Financial Forecast Summary - Revenue projections for 2024-2026 are 1.781 billion, 2.549 billion, and 3.585 billion yuan, with corresponding net profits of 234 million, 373 million, and 564 million yuan [5][6] - The expected EPS for 2024-2026 is 2.48, 3.96, and 5.98 yuan per share, with current price-to-earnings ratios of 17.8, 11.2, and 7.4 times respectively [5][6]