溯联股份：新能源收入占比提升，毛利率有望修复

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company reported a revenue of 529 million yuan for the first half of 2024, representing a year-on-year growth of 23.00%. However, the net profit attributable to shareholders decreased by 8.33% to 71 million yuan [1] - In Q2 2024, the company achieved a revenue of 298 million yuan, a year-on-year increase of 42.98%, while the net profit attributable to shareholders was 38 million yuan, down 17.90% [1] - The company's revenue from new energy vehicles reached approximately 288 million yuan in H1 2024, showing a growth of over 63% year-on-year [1] - The gross margin in Q2 2024 was 22.21%, down 11.02 percentage points year-on-year, but it is expected to recover in Q3 2024 [1] - The company is actively developing new products in line with the trends in new energy vehicles and has established a customer base of over 30 clients in the new energy industry chain [1] - The company is projected to achieve revenues of 1.24 billion yuan, 1.53 billion yuan, and 1.83 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 170 million yuan, 200 million yuan, and 240 million yuan [2] Summary by Sections Financial Performance - For H1 2024, the company reported a revenue of 529 million yuan, with a net profit of 71 million yuan, and a non-recurring net profit of 68 million yuan [1] - The revenue growth is attributed to increasing orders from new energy and energy storage customers [1] - The company expects a recovery in gross margin in Q3 2024 due to various factors affecting Q2 performance [1] Customer and Product Development - The company is focusing on the development of new energy products, including thermal management systems for energy storage batteries and hydrogen fuel cell pipelines [1] - The customer structure is continuously optimized, with a well-established base across various sectors in the new energy industry [1] Future Projections - Revenue projections for 2024-2026 are 1.24 billion yuan, 1.53 billion yuan, and 1.83 billion yuan, with net profits of 170 million yuan, 200 million yuan, and 240 million yuan respectively [2] - The current market valuation corresponds to a PE ratio of 15.4, 12.9, and 10.9 for the years 2024-2026 [2]