科瑞技术：零部件业务占比提升，盈利能力优化

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 15.84 [1][6] Core Views - The company's revenue and net profit declined in H1 2024 due to weaker-than-expected recovery in the 3C and new energy sectors [1] - The company's profitability improved in H1 2024, with gross margin increasing by 3.15 pct YoY to 38.36% [2] - The company's precision components and mold business grew rapidly, with revenue increasing by 72.63% YoY [3] - The company is expected to benefit from the potential recovery in consumer electronics demand driven by Apple's AI-related product launches [4] Financial Performance - H1 2024 revenue was RMB 1.041 billion, a YoY decrease of 15.17%, with net profit attributable to the parent company of RMB 89.56 million, a YoY decrease of 3.15% [1] - Q2 2024 revenue was RMB 496 million, a YoY decrease of 28.45%, with net profit attributable to the parent company of RMB 55.98 million, a YoY decrease of 10.87% [1] - The company's gross margin in Q2 2024 was 40.17%, a YoY increase of 4.43 pct [2] - The company's overall expense ratio in H1 2024 was 25.22%, a slight YoY increase of 0.46 pct, with R&D expense ratio decreasing by 0.97 pct YoY to 13.79% [2] Business Segments - Mobile terminal business revenue in H1 2024 was RMB 385 million, a YoY decrease of 19.06%, accounting for 37.01% of total revenue [3] - New energy business revenue in H1 2024 was RMB 224 million, a YoY decrease of 53.04%, accounting for 21.57% of total revenue [3] - Precision components and mold business revenue in H1 2024 was RMB 177 million, a YoY increase of 72.63%, accounting for 16.98% of total revenue [3] - Export revenue in H1 2024 was RMB 296 million, a YoY decrease of 9.35%, accounting for 28.47% of total revenue, with export gross margin increasing by 3.67 pct YoY to 45.03% [3] Industry Outlook - The company is expected to benefit from the potential recovery in consumer electronics demand driven by Apple's AI-related product launches, such as the Apple Intelligence system and updated operating systems [4] - The company's automation testing and assembly equipment covers multiple industries, including 3C, new energy, automotive, and hard drives, with leading camera testing and calibration technology widely used by top brand customers [4]