Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 34 CNY [1]. Core Views - The company reported a revenue of 3.45 billion CNY in Q2 2024, representing a year-on-year increase of 55% and a quarter-on-quarter increase of 33%, indicating sustained high growth momentum [1]. - The company is expanding its production capacity with new factories, which is expected to drive rapid revenue growth in the domestic market, particularly with key clients like BYD and Chery [1]. - The overseas revenue from the Mexico facility is also increasing, contributing 0.88 billion CNY in H1 2024, accounting for 16.42% of total revenue [1]. - The report highlights that excluding foreign exchange losses, the net profit for Q2 2024 would have been approximately 0.40 billion CNY, reflecting a significant year-on-year increase of 232% [1]. - The company is expected to achieve a domestic market share of 10%, leading to projected domestic revenue of 3.8 billion CNY [1]. Financial Summary - Total revenue is projected to grow from 950 million CNY in 2023 to 1.317 billion CNY in 2024, with a year-on-year growth rate of 38.6% [2]. - The net profit is expected to increase from 84 million CNY in 2023 to 115 million CNY in 2024, reflecting a growth rate of 37% [2]. - Earnings per share (EPS) is projected to rise from 0.99 CNY in 2023 to 1.36 CNY in 2024 [2]. - The company’s price-to-earnings (P/E) ratio is expected to decrease from 29 in 2023 to 21 in 2024, indicating improved valuation [2].
福赛科技：2024年中报点评：24Q2营收持续高增，汇兑影响较大