Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 17.7 CNY, compared to the current price of 13.83 CNY [1]. Core Views - The company's performance is under short-term pressure due to fluctuations in downstream demand, but the outlook for humanoid robots remains promising [1]. - The company reported a revenue of 1.03 billion CNY for H1 2024, a decrease of 47.20% year-on-year, and a net profit of 0.17 billion CNY, down 68.55% year-on-year [1]. - The gross margin has improved to 53.60%, an increase of 2.18 percentage points year-on-year [1]. - The company is focusing on key components for humanoid robots, including linear actuators and precision gearboxes, and has been recognized as a valuable supplier in the humanoid robot industry [1]. Financial Summary - Total revenue for 2024 is projected to be 246 million CNY, with a year-on-year decline of 13.0%, followed by a recovery to 328 million CNY in 2025 and 473 million CNY in 2026 [2]. - The net profit for 2024 is estimated at 48 million CNY, a decrease of 41.1%, with a forecasted increase to 77 million CNY in 2025 and 100 million CNY in 2026 [2]. - The earnings per share (EPS) is expected to be 0.35 CNY in 2024, increasing to 0.58 CNY in 2025 and 0.74 CNY in 2026 [2]. - The company’s price-to-earnings (P/E) ratio is projected to be 39 in 2024, decreasing to 24 in 2025 and 19 in 2026 [2].
鼎智科技：2024年半年报点评：业绩短期承压，人形机器人前景广阔