兆威机电：上半年业绩稳步增长，灵巧手、新电机是亮点

Investment Rating - The report maintains a rating of "Accumulate" for the company [1][2]. Core Views - The company has shown steady growth in its performance for the first half of 2024, with significant contributions from the automotive electronics and smart consumer sectors. New business directions include robotic dexterous hands and new types of motors [2]. - The revenue for the first half of 2024 reached RMB 645 million, representing a year-on-year increase of 28.10%. The net profit attributable to shareholders was RMB 94 million, up 29.05% year-on-year [2]. - The automotive electronics business accounted for over half of the company's revenue in the first half of 2024, with a revenue of RMB 340 million, which is 52.65% of total revenue [2]. - The company has developed innovative products in automotive applications, including solutions for car ceiling screens and precision electromagnetic valve cores, with some products entering mass production [2]. - The report highlights the development of high-torque DC motors and brushless motors, which have been successfully applied in automotive and medical fields [2]. Financial Summary - The company's projected revenue for 2024 is RMB 1,537 million, with a growth rate of 27.5%. The net profit attributable to shareholders is expected to be RMB 216 million, reflecting a growth rate of 20.0% [3][4]. - The diluted earnings per share (EPS) for 2024 is projected to be RMB 0.90, with a price-to-earnings (P/E) ratio of 39.8 times [3][4]. - The gross profit margin for the first half of 2024 was 31.23%, an increase of 3.19 percentage points year-on-year [2]. Business Segments - The automotive electronics segment is the largest contributor, followed by smart consumer and communication sectors. The medical and personal care sectors contribute a smaller portion of the revenue [2]. - The company is actively promoting its products in industrial automation, with successful market entries for certain motor products [2]. Valuation - Due to a decline in net profit margin in Q2 2024, the company’s earnings forecast has been adjusted downwards. The expected EPS for 2025 and 2026 are RMB 1.10 and RMB 1.43, respectively [2][3].