博众精工：二季度业绩高增，果链卡位优势明显静待花开

Investment Rating - The report assigns an "Accumulate" rating for Bozhong Precision Engineering (688097) [2][3] Core Views - The company reported significant growth in Q2 2024, with revenue reaching 1.091 billion yuan, a year-on-year increase of 46% and a quarter-on-quarter increase of 47% [4] - The company's revenue for H1 2024 was 1.834 billion yuan, up 12.47% year-on-year, with a net profit attributable to shareholders of 96 million yuan, reflecting a 6.07% increase [4] - The 3C business segment continues to expand both horizontally and vertically, with strong collaboration with major clients [4] - The renewable energy equipment segment saw a revenue increase of 65.39% year-on-year, indicating a trend of following clients overseas [4] Financial Performance Summary - For H1 2024, the company achieved a gross margin of 36.26% and a net margin of 5.36%, maintaining stable profitability compared to the previous year [4] - The company expects revenue growth of 10.66%, 25.99%, and 18.20% for the years 2024, 2025, and 2026, respectively, with net profit growth of 18.31%, 39.40%, and 22.88% for the same years [5][6] - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 1.03 yuan, 1.44 yuan, and 1.77 yuan, respectively [6][8] Business Segment Insights - The 3C business accounted for 73.40% of total revenue in H1 2024, with a revenue of 1.344 billion yuan, a year-on-year increase of 2.28% [4] - The renewable energy segment contributed 4.37 billion yuan in revenue, representing 23.87% of total revenue, and is expected to grow as the company supports clients' overseas expansions [4]