Beijing Jingwei Hirain Technologies (688326) Guolian Securities·2024-09-01 07:31Investment Rating - Investment Rating: Buy [4] Core Views - The company reported a revenue of 2.03 billion yuan for H1 2024, representing a year-on-year increase of 19.4%. However, it incurred a net loss of 330 million yuan, with the loss margin widening compared to the previous year [6][7] - In Q2 2024, the company achieved a revenue of 1.14 billion yuan, up 18.7% year-on-year and 27.9% quarter-on-quarter. The net loss for Q2 was 140 million yuan, which also showed a widening loss year-on-year but a narrowing loss compared to the previous quarter [6][7] - The company is experiencing a significant increase in its automotive electronics business, with key products like AR-HUD and regional controllers seeing substantial production volumes. The market share for AR-HUD reached 8.35%, ranking fifth in the industry [6][7] - The company is heavily investing in R&D, with an R&D expense ratio of 26.5% in H1 2024, which is expected to stabilize and lead to scale effects as production ramps up [6][7] Financial Summary - Total revenue forecast for 2024-2026 is projected at 5.66 billion, 6.93 billion, and 8.21 billion yuan, with year-on-year growth rates of 21.1%, 22.4%, and 18.4% respectively [7] - Net profit for the same period is expected to be 130 million, 130 million, and 370 million yuan, with growth rates of 40.3%, 200.2%, and 182.1% respectively [7] - The company’s EPS is projected to be -1.08, -1.08, and 3.05 yuan per share for 2024, 2025, and 2026 respectively [7]