丰光精密：中报点评：盈利水平有所提升，下游市场拓展加速

Investment Rating - The report maintains a "Recommended" rating for the company [5]. Core Views - The company reported a significant increase in revenue and net profit for the first half of 2024, with operating income reaching 119 million yuan, a year-on-year growth of 32.63%, and a net profit attributable to shareholders of 13.97 million yuan, up 324.62% [3]. - The growth in revenue is attributed to increased demand in downstream markets, particularly in semiconductor equipment manufacturing, processing, and automotive products [3]. - The company's gross margin improved to 37.13%, and net margin reached 11.70%, reflecting successful market expansion and increased sales of high-margin products [3]. - The company is investing in harmonic reducers, aiming to create a second growth curve, with a planned investment of 250 million yuan for a production project [3]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved operating income of 119 million yuan, a 32.63% increase year-on-year, and a net profit of 13.97 million yuan, a 324.62% increase [3]. - The weighted ROE for the first half of 2024 was 3.23%, with earnings per share of 0.08 yuan [3]. Market Expansion - The company has successfully expanded its market presence, leading to increased revenue from new customers and projects [3]. - The revenue contributions from processing, product sales, and other segments were 23 million yuan, 92 million yuan, and 4 million yuan, respectively, with year-on-year growth rates of 35.43%, 29.35%, and 129.15% [3]. Research and Development - The company allocated 5.78% of its operating income to R&D, continuing to enhance its innovation capabilities, and has recently obtained 7 new patents [3]. Future Outlook - Revenue projections for 2024-2026 are estimated at 251 million yuan, 289 million yuan, and 331 million yuan, with net profits of 42 million yuan, 48 million yuan, and 55 million yuan, respectively [4]. - The company is expected to benefit from favorable policies aimed at strengthening domestic supply chains, particularly in the industrial automation sector [3].