Tonhe TECH.(300491) 开源证券·2024-09-03 08:20Investment Rating - The investment rating for Tonghe Technology is maintained as "Buy" [1] Core Views - The company reported a revenue of 459 million yuan in the first half of 2024, representing a year-on-year increase of 39%, while the net profit attributable to shareholders decreased by 44% to 20 million yuan [2] - The decline in net profit is attributed to a reduction in government subsidies and increased expenses due to the operation of a new subsidiary and higher R&D investments [2] - The charging module business continues to benefit from industry demand, achieving a revenue growth of 55% year-on-year in H1 2024 [3] - The company is expected to see a gradual increase in net profit over the next three years, with projections of 115 million yuan, 172 million yuan, and 255 million yuan for 2024, 2025, and 2026 respectively [2] Financial Summary - For H1 2024, the comprehensive gross margin was 29.1%, down by 2.8 percentage points year-on-year [2] - The revenue breakdown shows that the charging module business generated 294 million yuan, the power operation power supply business generated 83 million yuan, and the customized power supply business generated 43 million yuan [3] - The company’s total market capitalization is 2.369 billion yuan, with a circulating market capitalization of 2.103 billion yuan [1] - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.66 yuan, 0.99 yuan, and 1.46 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 20.6, 13.7, and 9.3 [2][4]