Investment Rating - The report maintains a "Buy" rating for the company [2][6]. Core Insights - The company's revenue for the first half of 2024 reached 1.039 billion yuan, a year-on-year increase of 14.54%, while the net profit attributable to shareholders was 65 million yuan, a year-on-year decrease of 12.48% [1][2]. - The increase in copper prices has put pressure on profitability, with the gross margin for the first half of 2024 at 11.42%, down 1.56 percentage points year-on-year [2]. - The company has established long-term stable partnerships with leading clients in the new energy sector, including major players in the photovoltaic and electric vehicle industries [3]. - The company emphasizes innovation-driven development, with R&D investment of 32 million yuan in the first half of 2024, a year-on-year increase of 16.58% [3]. - The profit forecast has been revised downwards, with net profits for 2024-2026 projected at 168 million, 215 million, and 256 million yuan, respectively [2]. Revenue and Profitability - In the first half of 2024, the revenue from the new energy vehicle cable business was 502 million yuan, up 16.39% year-on-year; photovoltaic cable revenue was 360 million yuan, up 10.30%; and industrial cable revenue was 136 million yuan, up 30.71% [2]. - The gross margin for the new energy vehicle cable business increased by 0.53 percentage points, while the margins for photovoltaic and industrial cables decreased by 2.18 and 5.21 percentage points, respectively [2]. Financial Summary - The company’s projected revenue for 2024 is 2.433 billion yuan, with a year-on-year growth of 21.60% [5]. - The projected earnings per share (EPS) for 2024 is 1.23 yuan, with a price-to-earnings (P/E) ratio of 17 [5][9]. - The return on equity (ROE) is expected to be 7.29% in 2024, down from 11.47% in 2023 [9].
鑫宏业：2024半年度业绩点评：铜价上涨致盈利能力短期承压，多元化布局驱动发展