KEBODA(603786)2024-09-01 06:03Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a total revenue of 2.742 billion yuan for the first half of 2024, representing a year-on-year growth of 39.85%. The net profit attributable to shareholders reached 372 million yuan, up 34.85% year-on-year [4] - In Q2 2024, the company achieved a revenue of 1.325 billion yuan, reflecting a year-on-year increase of 26.45%, while the net profit for the same period was 153 million yuan, growing by 6.08% year-on-year [4] - The company is actively expanding its customer base, with revenue from new energy vehicle manufacturers increasing to 15% of total revenue, highlighting its ability to meet the demands of new energy vehicle companies [4] - The company has secured 43 new project approvals and is expanding its product lines across various automotive electronic fields, indicating a comprehensive layout and technological innovation capability [4] - Revenue forecasts for 2024 to 2026 are projected at 6.2 billion yuan, 8.02 billion yuan, and 10.43 billion yuan respectively, with net profits expected to be 810 million yuan, 1.02 billion yuan, and 1.33 billion yuan [4][5] Summary by Sections Financial Performance - The company reported a total revenue of 4.625 billion yuan for 2023, with projected revenues of 6.204 billion yuan for 2024, 8.025 billion yuan for 2025, and 10.427 billion yuan for 2026 [5] - The net profit for 2023 is estimated at 610 million yuan, with projections of 810 million yuan for 2024, 1.02 billion yuan for 2025, and 1.425 billion yuan for 2026 [5] Profitability Metrics - The company's gross margin for Q2 2024 was 26.12%, with a net margin of 12.36% [4] - The earnings per share (EPS) for 2023 is projected at 1.51 yuan, increasing to 2.01 yuan in 2024, 2.52 yuan in 2025, and 3.30 yuan in 2026 [5] Market Position and Strategy - The company is focusing on expanding its market presence by collaborating with new energy vehicle manufacturers and optimizing its customer structure [4] - The company has made significant strides in securing global projects with major automotive brands, indicating a strong competitive position in the automotive electronics sector [4]