汇创达：半年报点评：消费终端复苏叠加高端新品推广驱动，2024H1业绩稳中向好

Investment Rating - The investment rating for the company is "Buy" (maintained) [6]. Core Views - The company reported a revenue of 646 million yuan for H1 2024, representing a year-on-year increase of 26.28%. The net profit attributable to shareholders was 44 million yuan, up 81.86% year-on-year, and the net profit after deducting non-recurring gains and losses was 39 million yuan, reflecting a significant increase of 166.63% year-on-year. The overall gross margin for H1 2024 was 26.38% [6]. - The revenue from the backlight module segment is expected to continue to improve, driven by high-end new products. The company has established a stable and efficient business model in the light guide component field and is expanding the application areas of optical microstructure light guide components [6]. - The signal transmission components and modules segment saw rapid revenue growth, achieving sales of 291 million yuan in H1 2024, a year-on-year increase of 52.12%. This growth is attributed to the recovery in smartphone demand and effective synergy from the acquisition of a subsidiary [6]. - The company is normalizing deliveries in the new energy structural components segment, which is expected to support the development of a second growth curve in the long term [6]. Summary by Sections Financial Performance - For H1 2024, the company achieved a revenue of 646 million yuan, with a year-on-year growth of 26.28%. The net profit attributable to shareholders was 44 million yuan, marking an 81.86% increase year-on-year [6]. - The company’s gross margin for H1 2024 was reported at 26.38% [6]. Revenue Forecast - The company’s revenue is projected to grow from 1.356 billion yuan in 2023 to 1.527 billion yuan in 2024, reflecting a growth rate of 12.6% [7]. - The net profit forecast for 2024 is 118 million yuan, with a year-on-year growth of 25.6% [8]. Earnings Per Share (EPS) - The EPS is expected to increase from 0.54 yuan in 2023 to 0.68 yuan in 2024, with further growth to 0.93 yuan in 2025 and 1.25 yuan in 2026 [8]. Valuation Metrics - The price-to-earnings (P/E) ratio is projected to decrease from 35.55 in 2023 to 28.31 in 2024, and further down to 20.61 in 2025 and 15.37 in 2026 [8].