浙江仙通：收入向好，盈利改善

Investment Rating - The investment rating for the company is "Buy" and it is maintained [3][11]. Core Views - The company achieved a revenue of 555 million with a year-on-year growth of 21.70% and a net profit attributable to shareholders of 91 million, reflecting a year-on-year increase of 69.97% in the first half of the year [3][4]. - In Q2, the company continued its growth trend with a revenue of 285 million, up 22.91% year-on-year, and a net profit of 39 million, which is a 68.58% increase year-on-year [3][4]. - The automotive industry showed stable growth with a 6.1% year-on-year increase in vehicle sales, benefiting the company as it secured projects with key clients like Geely and Chery, particularly in the new energy vehicle sector [5][6]. - The gross profit margin improved by 3.4 percentage points to 31.1% due to significant revenue growth and ongoing project rollouts [5][6]. - The company has successfully optimized its customer structure, with major domestic automakers as clients, and is the only domestic company capable of mass-producing frameless sealing strips, positioning it well for market share and profit margin growth [5][6]. Financial Summary - The company reported a net profit margin of 16.5% in the first half of the year, an increase of 4.7 percentage points year-on-year [5][6]. - The projected net profits for 2024 and 2025 are approximately 210 million and 270 million, respectively, corresponding to price-to-earnings ratios of 15 and 12 times [5][6]. - The company maintains a strong cost advantage with over 90% of its molds produced in-house, contributing to its competitive profitability despite industry pressures [6].