凯中精密2024年半年报点评：业绩符合预期，新业务带动业绩高增

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 16.44 CNY, while the current price is 12.88 CNY [3][4]. Core Views - The company has shown strong performance in the precision components industry, particularly in the electric vehicle (EV) parts sector, which is expected to drive significant revenue growth [1]. - The company reported a revenue of 3.024 billion CNY for 2023, with a projected increase to 3.317 billion CNY in 2024, reflecting a growth rate of 13.6% [2]. - Net profit attributable to shareholders is expected to rise from 77 million CNY in 2023 to 182 million CNY in 2024, indicating a substantial growth of 209.5% [2]. - The company has successfully secured numerous projects and products from both domestic and international clients, enhancing its market position in the EV components sector [2]. Financial Summary - Revenue for 2022 was 2.662 billion CNY, with projections of 3.024 billion CNY for 2023, 3.317 billion CNY for 2024, and further growth to 4.383 billion CNY by 2026, reflecting a compound annual growth rate (CAGR) of approximately 14% [2]. - Net profit attributable to shareholders is forecasted to grow from 25 million CNY in 2022 to 321 million CNY by 2026, showcasing a significant increase [2]. - Earnings per share (EPS) is projected to rise from 0.08 CNY in 2022 to 0.98 CNY in 2026 [2]. - The return on equity (ROE) is expected to improve from 1.8% in 2022 to 14.4% in 2026, indicating enhanced profitability [2]. Business Development - The company is focusing on the EV sector, particularly in areas such as battery systems, lightweight automotive components, and intelligent driving technologies, which are driving demand for its products [2]. - The company has made significant advancements in its manufacturing capabilities through smart industrial upgrades, which have led to cost reductions and efficiency improvements [2]. - The report highlights that the company has received recognition from key clients for its innovative products, which positions it well for future growth in the EV market [2].