Investment Rating - The report maintains a "Recommended" investment rating for the company with a target price of 32 yuan [1]. Core Views - The company reported a revenue of 624 million yuan for the first half of 2024, representing a year-on-year increase of 20.76%. However, the net profit attributable to shareholders decreased by 26.25% to 27 million yuan [1][2]. - The lithium battery market is experiencing stable growth, with the company focusing on precision structural components for lithium batteries and nickel-based conductor materials, which are essential for various battery applications [2]. - The company is expanding its production capacity for square battery structural components while maintaining its core business in cylindrical battery components [2]. - Government subsidies and non-recurring gains have decreased significantly, impacting the company's profitability [2]. Financial Performance Summary - For the first half of 2024, the company's revenue from precision structural components and nickel-based conductor materials was 383 million yuan and 196 million yuan, respectively, with year-on-year changes of +39.73% and -5.65% [2]. - The gross margin has stabilized, with the first half of 2024 showing gross margins of 13.7% and 13.1% for the first and second quarters, respectively [2]. - The company expects net profits for 2024 to be 62 million yuan, with projections of 81 million yuan and 101 million yuan for 2025 and 2026, respectively [2][3].
金杨股份：2024年半年报点评：毛利率企稳，业绩承压