KSHG(SH:605333) KAIYUAN SECURITIES·2024-09-05 23:37Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has achieved significant year-on-year revenue growth, with a 142.03% increase in H1 2024 revenue to 3.418 billion yuan and a 721.73% increase in net profit to 255 million yuan [4] - The company is actively seizing opportunities in the new energy vehicle sector, optimizing its customer structure, and enhancing technological innovation to maintain and expand market share [4][5] - The company has established itself as a key supplier for major global automotive manufacturers, including SAIC Volkswagen and Daimler, which supports its high-quality development [5] - The company has a strong focus on product innovation, with a dedicated R&D team and new product developments that are expected to drive future growth [6] Financial Summary - For H1 2024, the company reported a net profit margin of 8.18%, an increase of 10.31 percentage points year-on-year, and a gross profit margin of 16.51%, up 4.98 percentage points year-on-year [4] - The company forecasts net profits of 470 million, 619 million, and 818 million yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.08, 1.42, and 1.87 yuan per share [4][8] - The current stock price corresponds to a PE ratio of 23.0, 17.5, and 13.2 for the years 2024, 2025, and 2026 respectively [4][8]