Hanwei Electronics(300007) 中原证券·2024-09-06 09:01Investment Rating - The report maintains an "Accumulate" rating for the company, indicating a projected increase of 5% to 15% relative to the CSI 300 index over the next six months [1]. Core Views - The company is a leading domestic gas sensor enterprise, continuously optimizing its product structure and achieving breakthroughs in various fields such as energy storage, refrigerants, automotive, and medical applications, which is expected to drive rapid growth in its sensor business [3][4]. - The company's IoT comprehensive solution business is expanding its application scenarios, which is anticipated to lead to steady revenue growth [3]. - The report forecasts the company's revenue for 2024-2026 to be CNY 2.484 billion, CNY 2.838 billion, and CNY 3.206 billion respectively, with corresponding net profits of CNY 138 million, CNY 166 million, and CNY 207 million [3][4]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved revenue of CNY 1.114 billion, a year-on-year increase of 1.92%, while the net profit attributable to shareholders was CNY 52 million, down 26.20% year-on-year [1]. - The gross profit margin for the first half of 2024 was 27.75%, a decrease of 1.10% year-on-year, while the second quarter gross margin improved to 32.50%, reflecting an 8.91% increase quarter-on-quarter [1][3]. Business Development - The sensor business has been continuously optimizing its product structure, achieving significant growth in traditional security and environmental protection industries, with sensor revenue reaching CNY 155 million in the first half of 2024, a year-on-year increase of 44.61% [1][3]. - The company is enhancing its product offerings in the smart instrument sector, particularly in gas meters, with new products like laser household combustible gas detectors being launched to improve market competitiveness [3][4]. Market Outlook - The report highlights the company's ongoing efforts in research and development, with R&D investment in the first half of 2024 amounting to CNY 99.919 million, a year-on-year increase of 19.34% [1][3]. - The company is expected to continue expanding its market share in various sectors, including home appliances and automotive, leveraging its sensor and solution advantages [3].