JQSY(SH:600212) KAIYUAN SECURITIES·2024-09-03 00:38Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company continues to experience high growth in charging pile revenue, with a 54% year-on-year increase in revenue for the first half of 2024, reaching 390 million yuan. However, the net profit attributable to shareholders decreased by 72% year-on-year to 1 million yuan due to significant share-based payment expenses and increased management, sales, and R&D costs [2][3] - The company has adjusted its profit forecast for 2024-2026, now expecting net profits of 39 million, 102 million, and 176 million yuan respectively, with corresponding EPS of 0.06, 0.15, and 0.25 yuan per share. The current price-to-earnings (P/E) ratios are projected to be 90.0, 34.8, and 20.2 times [2][4] Financial Performance Summary - In the first half of 2024, the company achieved a gross margin of 28.6%, an increase of 3.9 percentage points year-on-year. The expense ratios for sales, management, R&D, and financial costs were 13.3%, 9.3%, 5.6%, and -0.2% respectively, reflecting increases compared to the previous year [2] - The company's total revenue is projected to grow significantly from 650 million yuan in 2023 to 1.035 billion yuan in 2024, with a year-on-year growth rate of 59.1% [4][7] - The gross profit margin is expected to improve from 26.7% in 2023 to 31.8% in 2024, while the net profit margin is projected to rise from 2.5% to 3.8% over the same period [4][7] Strategic Developments - The company has acquired a 57% stake in Zhongchuang Aviation, entering the heavy-duty industrial drone market. This acquisition is expected to enhance its capabilities in emergency rescue, communication, and logistics, aligning with government support for low-altitude economy initiatives [3][4]