爱柯迪：2024Q2经营稳健，全球化产能稳步推进

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company achieved a revenue of 3.249 billion yuan in H1 2024, representing a year-on-year increase of 22.9%, with a net profit attributable to shareholders of 450 million yuan, up 13.6% year-on-year [1]. - In Q2 2024, the company reported a revenue of 1.61 billion yuan, with year-on-year and quarter-on-quarter changes of +16% and -2% respectively, and a net profit of 220 million yuan, down 4% year-on-year and 6% quarter-on-quarter [1]. - The company is actively expanding into new businesses, particularly in the new energy sector, with over 30% of H1 2024 revenue coming from this segment [1]. - The company is progressing with its global capacity expansion, with the Malaysia plant expected to commence production in H2 2024, and other plants ramping up steadily [1]. Financial Performance Summary - The company’s Q2 2024 gross margin was 27.7%, down 0.9 percentage points year-on-year and 2.0 percentage points quarter-on-quarter, primarily due to the impact of overseas factories, rising aluminum prices, and capacity ramp-up [1]. - The total expense ratio for Q2 2024 was 12.99%, with a year-on-year increase of 7.05% and a quarter-on-quarter decrease of 0.3 percentage points [1]. - The company forecasts net profits attributable to shareholders of 1.1 billion, 1.4 billion, and 1.73 billion yuan for 2024, 2025, and 2026 respectively, corresponding to P/E ratios of 11, 9, and 7 times [1][2].