Gian(300709) 华鑫证券·2024-09-02 09:30Investment Rating - The report maintains a "Buy" investment rating for the company [5] Core Views - The company has significantly improved its performance in the first half of 2024, achieving a revenue of 1.002 billion yuan, a year-on-year increase of 28.04%, and a net profit attributable to shareholders of 59 million yuan, marking a turnaround from losses [1][5] - The growth in the company's revenue is driven by the increasing popularity of foldable smartphones and the company's strong position as a core supplier of MIM components [1][5] - The report highlights the company's strategic positioning in the foldable hinge component business, which is expected to enhance profitability [1][5] Summary by Sections Financial Performance - In Q2 2024, the company achieved a revenue of 613 million yuan, a year-on-year increase of 27.48% and a quarter-on-quarter increase of 57.67% [1] - The net profit attributable to shareholders for Q2 2024 was 86 million yuan, a year-on-year increase of 1186.44% [1] - The MIM components revenue grew significantly, increasing by 32.23% year-on-year to 1.57 billion yuan [1] Market Trends - The sales of foldable smartphones in China reached 2.62 million units in Q2 2024, representing a year-on-year growth of 125% and maintaining a high growth rate for four consecutive quarters [1] - The company is well-positioned to benefit from the ongoing high demand in the foldable smartphone industry due to its advanced technology and established customer base [1] Future Projections - The company is projected to achieve revenues of 3.010 billion yuan, 3.943 billion yuan, and 5.125 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding EPS of 1.62 yuan, 2.14 yuan, and 3.15 yuan [5] - The report anticipates a continued expansion of the company's MIM component business, leading to a potential increase in both volume and pricing [1][5]