鸣志电器：24H1业绩表现承压，Q2经营已现改善

Investment Rating - The report maintains a "Buy" rating for the company [6][5]. Core Views - The company's performance in the first half of 2024 was under pressure, but there are signs of improvement in Q2 2024. The domestic revenue reached 681 million, a year-on-year increase of 6.63%, while overseas revenue was 584 million, a year-on-year decrease of 12.50%. However, Q2 2024 showed a revenue of 657 million, a slight increase of 0.02%, and a net profit of 340 million, a significant year-on-year increase of 61.28% [4][5]. - The gross margin improved to 37.50%, up by 0.80 percentage points year-on-year, despite a decline in net profit margin to 3.19%, down by 0.93 percentage points year-on-year due to asset impairment losses [4][5]. - The company's core business, particularly in control motors and their drive systems, showed revenue growth, with the brushless motor segment increasing by 82.2% year-on-year. The semiconductor and lithium battery storage sectors also contributed positively, with revenue growth exceeding 70% in these areas [5][4]. Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 1.265 billion, a decrease of 3.14% year-on-year, and a net profit of 40 million, down by 24.88% year-on-year. The adjusted net profit was 37 million, a decrease of 24.54% year-on-year [4]. - Q2 2024 results showed a revenue of 657 million, a slight increase of 0.02% year-on-year, and a net profit of 340 million, an increase of 61.28% year-on-year [4]. Business Segments - The control motor business generated 680 million in revenue, up by 3.18% year-on-year, with the brushless motor segment contributing 125 million, an increase of 82.2% [5]. - The servo system business also saw growth, achieving 141 million in revenue, up by 7.4% year-on-year. The precision transmission system segment experienced a slight decline, with revenue of 42 million, down by 4.9% [5]. Market Outlook - The report indicates that the company is well-positioned to benefit from the recovery in the global trade environment and the gradual resolution of inventory pressures in the overseas market. The new production base in Vietnam is expected to enhance operational efficiency in the long term [4][5]. - The company is focusing on high-value new products in sectors such as semiconductors, lithium battery storage, and intelligent automotive components, which are expected to drive future growth [5].