CRM(SH:688396) KAIYUAN SECURITIES·2024-08-31 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) [2][4]. Core Views - The company achieved a quarter-on-quarter revenue growth in Q2 2024, driven by a recovery in downstream demand and stable product prices, despite a year-on-year revenue decline [4][5]. - The report anticipates a gradual recovery in downstream demand, leading to a positive outlook for the company's long-term growth [4][5]. Financial Performance Summary - In H1 2024, the company reported revenue of 4.76 billion yuan, a year-on-year decrease of 5.36%, and a net profit attributable to shareholders of 280 million yuan, down 63.96% year-on-year [4]. - Q2 2024 saw a revenue of 2.644 billion yuan, a year-on-year decrease of 1.45% but a quarter-on-quarter increase of 24.98% [4]. - The gross profit margin for H1 2024 was 26.40%, down 7.89 percentage points year-on-year [4]. Business Segment Analysis - The company's revenue from the products and solutions segment was 2.307 billion yuan in H1 2024, accounting for 48% of total revenue, with a year-on-year decline of 2% [5]. - The automotive electronics market is a key focus, with significant sales to major automotive manufacturers such as BYD and Geely [5]. - The manufacturing and services segment generated 2.334 billion yuan in revenue, accounting for 49.03% of total revenue, with a year-on-year decline of 9% [5]. Future Projections - The company has slightly adjusted its net profit forecasts for 2024-2026 to 1.208 billion, 1.506 billion, and 1.763 billion yuan, respectively, with corresponding P/E ratios of 38.0, 30.5, and 26.1 times [4][8].