经纬恒润：2024年中报点评：2024年Q2归母净利润环比减亏，产品矩阵持续完善

Investment Rating - The investment rating for the company is "Accumulate (Maintain)" [2][6][9] Core Views - The company reported a revenue of 2.027 billion yuan for H1 2024, representing a year-on-year increase of 19.4%. However, the net profit attributable to shareholders was a loss of 333 million yuan, which is a larger loss compared to the previous year [3][4] - In Q2 2024, the company achieved a revenue of 1.138 billion yuan, with a year-on-year growth of 18.7%, but the net profit attributable to shareholders was a loss of 142 million yuan, also reflecting an expanded loss [3][4] - The company is actively enhancing its product matrix in the automotive electronics sector, focusing on key technology areas such as intelligent driving, body domain control, and self-developed software [4][6] Summary by Sections Financial Performance - For H1 2024, the company achieved a revenue of 2.027 billion yuan, up 19.4% year-on-year, while the net profit attributable to shareholders was a loss of 333 million yuan, which is a deterioration compared to the previous year [3][4] - The company expects to achieve total revenues of 5.657 billion, 6.891 billion, and 7.897 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 21%, 22%, and 15% [6][7] Profitability Forecast - The forecasted net profit attributable to shareholders for 2024, 2025, and 2026 is -291 million, 229 million, and 398 million yuan respectively, with growth rates of -34%, +179%, and +73% [6][7][9] - The projected P/S ratios for the next three years are 1.26, 1.03, and 0.90 [6][7] Market Position and Strategy - The company is focusing on the integration of electronic products in the context of the electric and intelligent vehicle trend, enhancing its competitive edge by continuously updating its distributed automotive electronic products [4][6] - The company has completed the layout of its vehicle electronic control products and is implementing a product model that combines distributed control units, domain control products, and L4 integration platforms [4][6]