Investment Rating - The report assigns a "Buy" rating to Zhaomin Technology (301000) for the first time [4] Core Views - Zhaomin Technology's 2024 H1 performance showed significant improvement, with revenue reaching 340 million yuan, a YoY increase of 18.32%, and net profit attributable to the parent company reaching 78 million yuan, a YoY increase of 55.20% [2] - The company's gross profit margin in 2024 H1 was 35.38%, a YoY increase of 4.08 percentage points, and the net profit margin was 22.77%, a YoY increase of 5.41 percentage points [1] - Zhaomin Technology is expected to achieve sustained growth in 2024, with revenue and net profit forecasts of 808.68 million yuan and 145.48 million yuan, respectively [5] Business Performance - In 2024 Q2, the company's revenue was 182 million yuan, a YoY increase of 16.73%, and net profit attributable to the parent company was 42 million yuan, a YoY increase of 41.72% [2] - The company's gross profit margin in 2024 Q2 was 35.67%, a YoY increase of 3.19 percentage points, and the net profit margin was 23.06%, a YoY increase of 4.07 percentage points [1] Market and Product Development - Zhaomin Technology focuses on the development of precision injection molding parts and related precision molds, with products applied in automotive and humanoid robotics fields [1] - In the new energy vehicle sector, the company's products are mainly used in thermal management modules and three-electric systems, with several core components already in mass production [1] - The company is actively developing products and expanding its customer base in the hydrogen energy vehicle sector [1] Financial Projections - The company's revenue is expected to grow to 1.28 billion yuan by 2026, with a CAGR of 22.37% from 2024 to 2026 [5] - Net profit attributable to the parent company is projected to reach 230.19 million yuan by 2026, with a CAGR of 21.88% from 2024 to 2026 [5] - The company's EPS is forecasted to be 0.60 yuan, 0.78 yuan, and 0.95 yuan for 2024, 2025, and 2026, respectively [5] Valuation Metrics - The company's P/E ratio is expected to decrease from 19.77 in 2024 to 12.50 in 2026 [5] - The P/B ratio is projected to decline from 2.42 in 2024 to 2.19 in 2026 [5] - The EV/EBITDA ratio is forecasted to decrease from 15.84 in 2024 to 9.82 in 2026 [5]
肇民科技：2024年中报点评：新客户突破量产加速，上半年经营全面向好