经纬恒润：2季度经营性盈利环比减亏，汽车电子产品线拓展

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 67.86 yuan, based on a comparable company PE average valuation of 39 times for 2025 [2][5]. Core Insights - The company's performance met expectations, with a revenue of 2.027 billion yuan in the first half of the year, representing a year-on-year growth of 19.4%. The net profit attributable to the parent company was 333 million yuan, compared to a loss of 89 million yuan in the same period last year [1]. - The automotive electronics product line continues to expand, with electronic product revenue reaching 1.68 billion yuan, a year-on-year increase of 32.9%, accounting for 82.9% of total revenue [1]. - The company is facing pressure on gross margins and operating cash flow, with a gross margin of 22.6% in the first half of the year, down 5.0 percentage points year-on-year [1]. Financial Performance Summary - Revenue and Profitability: - Revenue for 2022 was 4.022 billion yuan, with a year-on-year growth of 23.3%. For 2023, revenue is projected at 4.678 billion yuan, a growth of 16.3% [4]. - The net profit attributable to the parent company for 2022 was 236 million yuan, with a significant decline to a loss of 217 million yuan in 2023 [4]. - Earnings Per Share (EPS) Forecast: - EPS for 2024 is projected at 0.05 yuan, with subsequent years showing an increase to 1.74 yuan in 2025 and 2.34 yuan in 2026 [2][4]. - Gross Margin Trends: - The gross margin for 2022 was 29.0%, which decreased to 25.6% in 2023, with further projections of 26.0% in 2024 and 27.3% in 2025 [4].