建邦科技：2024H1业绩维持高增，汽车电子业务贡献新增量

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Insights - The company has shown strong revenue growth, with a 28.23% year-on-year increase in revenue for the first half of 2024, reaching 310 million yuan, and a net profit growth of 31.31% to 39 million yuan [4] - The company is actively expanding its product offerings in the automotive electronics sector, with significant growth rates of 82.92% and 92.70% for electronic electrical systems and automotive electronics, respectively [4] - The company is increasing its research and development investments to align with the trends in new energy vehicles, having added 7 new patents in the first half of 2024 [3][4] - The establishment of a subsidiary in Thailand aims to enhance global production capacity, with expected annual output value of around 100 million yuan once fully operational [3] Financial Performance and Forecast - The company is projected to achieve revenues of 703 million yuan, 853 million yuan, and 997 million yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 25.82%, 21.35%, and 16.91% [3][5] - The net profit forecast for the same period is 91 million yuan, 111 million yuan, and 132 million yuan, with growth rates of 30.63%, 22.45%, and 18.27% [3][5] - The earnings per share (EPS) are expected to be 1.41 yuan, 1.73 yuan, and 2.04 yuan for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 9.65X, 7.88X, and 6.67X [3][5]