Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 9.91 CNY per share [4]. Core Views - The company reported a significant increase in revenue and net profit for the first half of 2024, with revenue reaching 723 million CNY, a year-on-year growth of 9.86%, and net profit attributable to shareholders at 24 million CNY, up 251.51% [1]. - The turbocharger and aviation components businesses have shown remarkable growth, with turbocharger revenue at 404 million CNY, a 26.50% increase, and aviation components revenue at 39 million CNY, growing by 40.20% [1]. - The company has implemented a stock incentive plan, granting 2.58942 million restricted shares, which reflects confidence in future growth [1]. Summary by Sections Financial Performance - The company achieved a net cash flow from operating activities of 82 million CNY, a significant improvement from -11 million CNY in the same period last year [1]. - The gross margin for the turbocharger business improved from 9.07% in the previous year to 15.72% in the current period [1]. Business Growth - The traditional engine parts business saw a decline in revenue, with specific products like the belt pulley, camshaft, and connecting rod experiencing year-on-year decreases of 14.82%, 9.83%, and 10.20% respectively [1]. - The turbocharger business is expected to reach an assembly capacity of 2 million units per year by 2025, with sales volume in the first half of 2024 at 474,800 units [1]. Future Outlook - The report forecasts net profits for 2024, 2025, and 2026 to be 91 million CNY, 136 million CNY, and 190 million CNY respectively, with corresponding EPS of 0.30, 0.44, and 0.62 CNY [2]. - The company is focusing on expanding its precision manufacturing capabilities and innovative casting processes, which are expected to drive future growth [2].
西菱动力：2024年半年报点评：新兴业务助力成长，涡轮增压器毛利率提升显著