Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 46.2 CNY, compared to the current price of 37.41 CNY [1][2]. Core Insights - The company achieved a revenue of 360 million CNY in the first half of 2024, representing a year-on-year increase of 8.71%. The net profit attributable to the parent company was 94 million CNY, up 43.55% year-on-year [1]. - The company is focusing on the growth of its brake system bearings, which accounted for 77.96% of its main business revenue in the first half of 2024. The revenue from transmission system bearings increased by 17.48% compared to the same period last year [2]. - The establishment of a robotics components division is underway, with an investment of approximately 117.07 million CNY aimed at enhancing production capabilities, expected to achieve small-scale production by Q4 2024 [2]. - The construction of overseas factories, particularly in Thailand, is enhancing the company's production capacity and competitiveness in international markets [2]. - Revenue projections for 2024-2026 are estimated at 965 million CNY, 1.16 billion CNY, and 1.27 billion CNY, respectively, with net profits expected to be 203 million CNY, 234 million CNY, and 256 million CNY [2]. Financial Summary - Total revenue for 2023 is reported at 738 million CNY, with a projected growth rate of 30.7% for 2024 [6]. - The net profit for 2023 is 150 million CNY, with a forecasted growth of 35.9% for 2024 [6]. - The company’s earnings per share (EPS) is projected to increase from 1.36 CNY in 2023 to 1.85 CNY in 2024 [6].
斯菱股份：2024年半年报点评：Q2业绩稳步增长，海外工厂建设增强竞争力