Investment Rating - The report maintains a "Recommended" rating for Tongling Co., Ltd. (301168.SZ) [2][4] Core Views - The company's revenue for the first half of 2024 reached 790 million yuan, a year-on-year increase of 10.92%, while the net profit attributable to shareholders decreased by 24.82% to 63.42 million yuan [2] - The decline in profit is attributed to the pressure on profitability from the photovoltaic component industry and fluctuations in copper prices, leading to a decrease in gross margin [2] - The company has established long-term relationships with leading solar component manufacturers, which helps mitigate collection risks [2] - The entry into the automotive parts sector is expected to provide a new growth point, with automotive parts revenue reaching 103 million yuan in the first half of 2024 and a gross margin of 34.88% [2] Financial Forecasts - Revenue projections for 2024-2026 are 1.871 billion, 2.613 billion, and 3.180 billion yuan, respectively, with net profits of 172 million, 258 million, and 353 million yuan [3][5] - The company is expected to achieve a PE ratio of 17x, 11x, and 8x for the respective years [2][5] - The sales gross margin and net profit margin for the first half of 2024 were 19.41% and 9.43%, reflecting a year-on-year decline of 2.29 percentage points and 2.42 percentage points, respectively [2]
通灵股份：2024年半年报点评：业绩短期承压，汽零业务提供新增量