Investment Rating - The report maintains a "Buy" rating for the company, which is a leading player in the domestic fuse business, benefiting from the rapid development of the electric vehicle industry and the increasing penetration of the 800V high-voltage platform in this sector [1][2][7]. Core Views - The company's revenue for the first half of 2024 (24H1) slightly exceeded market expectations, achieving 594 million yuan, a year-on-year increase of 19.97%, with a net profit attributable to shareholders of 65 million yuan, up 15% year-on-year [1][2]. - The electric vehicle business is growing rapidly, with 24H1 revenue reaching 365 million yuan, a year-on-year increase of 45.38%. The company has established a customer base that includes major domestic brands and international companies such as Tesla and Daimler [1][2]. - Revenue from incentive fuses accelerated in 24H1, reaching 49 million yuan, surpassing the total revenue of 47 million yuan for the entire year of 2023. The market potential for incentive fuses is expected to grow significantly as the 800V platform becomes more prevalent in the electric vehicle sector [1][2]. Financial Summary - The company’s projected earnings per share (EPS) for 2024, 2025, and 2026 are adjusted to 2.86 yuan, 4.17 yuan, and 5.74 yuan respectively, down from previous estimates of 3.03 yuan, 4.73 yuan, and 7.39 yuan [1][5]. - The target price for 2025 is maintained at 90.11 yuan, reflecting a price-to-earnings (PE) ratio of 21.59x, which is above the industry average [1][7]. - The company’s financial performance shows a significant increase in revenue and net profit projections over the next few years, with total revenue expected to grow from 1.06 billion yuan in 2023 to 2.38 billion yuan in 2026, representing a compound annual growth rate (CAGR) of approximately 28% [5][11].
中熔电气：24年半年报业绩点评：新能源汽车业务快速发展，激励熔断器营收加速增长