Investment Rating - The report maintains an "Accumulate" rating for the company [1][2] Core Views - The company achieved a steady revenue growth of 11.48% year-on-year in the first half of 2024, with total revenue reaching RMB 216 million. However, the net profit attributable to the parent company decreased by 4.04% year-on-year to RMB 23 million due to increased expenses from newly consolidated subsidiaries [2][3] - The recovery in the consumer electronics sector and the drive from AI technology are expected to create significant market opportunities for the company's thermal management products [2][3] - The company has made several acquisitions in the first half of 2024, investing a total of RMB 19.62 million in five companies, which is anticipated to enhance business synergy and drive revenue and profit growth [2][3] Summary by Sections Financial Performance - In H1 2024, the company reported revenue of RMB 216 million, with a year-on-year growth of 11.48%. The net profit attributable to the parent company was RMB 23 million, down 4.04% year-on-year. The adjusted net profit was RMB 22 million, up 8.32% year-on-year. The gross margin was 25.91%, an increase of 1.07 percentage points year-on-year, while the net margin was 9.68%, a decrease of 2.43 percentage points year-on-year [2][3] - In Q2 2024, the company achieved revenue of RMB 122 million, representing a year-on-year increase of 28.13% and a quarter-on-quarter increase of 28.62%. The net profit attributable to the parent company was RMB 13 million, up 17.81% year-on-year and 32.10% quarter-on-quarter [2][3] Market Outlook - The global consumer electronics market is showing signs of recovery, with smartphone shipments reaching 296.2 million units in Q1 2024, a 10% year-on-year increase. The demand for the company's thermal management products is expected to grow significantly due to this recovery and the rapid development of AI technology [2][3] - The new energy vehicle market is also expanding, with production and sales of new energy vehicles in China reaching 4.929 million and 4.944 million units respectively in the first half of 2024, marking a year-on-year growth of 30.1% and 32% [2][3] Valuation - The report maintains previous profit forecasts, expecting the company's net profit attributable to the parent company to be RMB 89 million, RMB 115 million, and RMB 164 million for 2024, 2025, and 2026 respectively. The corresponding price-to-earnings ratios are projected to be 41.0, 32.0, and 22.3 times [2][3]
思泉新材：上半年业绩平稳，未来散热市场增量空间大公司发布2024年中报，上半年公司营收稳健增长，公司实现营业收入2.16亿元，同比+11.48%，归母净利润0.23亿元，同比-4.04%，扣非归母净利润0.22亿元，同比