兆威机电：24H1公司业绩稳步增长，前瞻布局机器人领域助力公司发展

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [12]. Core Views - The company has shown steady revenue growth, with a 28.10% year-on-year increase in revenue for the first half of 2024, reaching 645 million yuan, and a 29.05% increase in net profit attributable to shareholders, amounting to 93.83 million yuan [2][5]. - The company is focusing on sectors such as automotive electronics, smart consumer products, medical care, and industrial automation, enhancing product technology innovation and project execution capabilities [2]. - The company is actively investing in research and development, with R&D expenses increasing by 33.11% year-on-year to 76.35 million yuan in the first half of 2024, representing an R&D expense ratio of 11.83% [2][5]. Financial Summary - Revenue (in million yuan): - 2022A: 1,152 - 2023A: 1,206 - 2024E: 1,471 - 2025E: 1,810 - 2026E: 2,307 - Year-on-year growth rates for revenue are projected at 22.0% for 2024, 23.0% for 2025, and 27.5% for 2026 [1][8]. - Net profit (in million yuan): - 2022A: 150 - 2023A: 180 - 2024E: 204 - 2025E: 255 - 2026E: 325 - Year-on-year growth rates for net profit are projected at 13.2% for 2024, 25.1% for 2025, and 27.5% for 2026 [1][8]. Product and Market Development - The company is diversifying its product offerings in automotive electronics and robotics, with innovative solutions for automotive displays and a bionic robotic hand product under development [2]. - The company is also constructing industrial parks in Dongguan and Suzhou to enhance production capacity [2].