Beijing Jingwei Hirain Technologies (SH:688326)2024-09-04 02:13Investment Rating - The investment rating for the company is downgraded to Neutral [4][5][10] Core Views - The company's H1 2024 revenue reached 2.027 billion yuan, a year-on-year increase of 19.43%, but it reported a net loss of 333 million yuan, compared to a net loss of 89.05 million yuan in H1 2023 [4][5] - The gross margin for H1 2024 was 22.56%, lower than the previously expected 25% due to competitive pricing pressures in the automotive electronics sector [5] - The company is recognized as a rare all-round automotive electronics provider in China, actively expanding into international markets and securing contracts with multiple OEMs/Tier 1 suppliers [5][6] Financial Summary - Total revenue for 2023 is projected at 4.678 billion yuan, with expected growth rates of 19.6% in 2024 and 27.9% in 2025 [6][7] - The net profit forecast for 2024 is a loss of 120 million yuan, improving to a profit of 129 million yuan in 2025 and 301 million yuan in 2026 [6][7] - The company's gross margin is expected to stabilize around 24.3% in 2025 and 24.8% in 2026 [6][7]