SACO(002025) 国联证券·2024-09-01 08:03Investment Rating - The investment rating for the company is "Accumulate" (maintained) [4] Core Views - The company reported a decline in revenue and net profit for the first half of 2024, with revenue at 2.921 billion yuan, down 19.3% year-on-year, and net profit at 385 million yuan, down 10.0% year-on-year [5][6] - The significant drop in revenue in Q2 2024, which was 1.308 billion yuan, represents a 28.9% year-on-year decline, indicating a substantial decrease in market demand [5] - Despite short-term performance pressures, the company is actively expanding its market presence, with operating expenses rising by 26.45% year-on-year, reflecting confidence in future growth [5] - The company aims for a revenue growth of over 38.20% in the second half of 2024 to meet its annual financial targets, projecting a total revenue of 6.5 billion yuan for the year [5] - The company is focusing on the aerospace connector sector, with projected revenues for 2024-2026 expected to grow at rates of 5.21%, 25.08%, and 24.19% respectively [5][6] Financial Data Summary - For 2024, the company expects revenues of 6.534 billion yuan, with a growth rate of 5.21% [6] - The projected net profit for 2024 is 789 million yuan, with a growth rate of 5.18% [6] - The company's earnings per share (EPS) is projected to be 1.73 yuan for 2024, with a price-to-earnings (P/E) ratio of 26.8 [6] - The company has a current market capitalization of approximately 20.93 billion yuan [4]