FENGHUA(000636) 申万宏源·2024-09-18 02:43Investment Rating - The report maintains an "Outperform" rating for the company [6][7]. Core Insights - The company reported a revenue of 2.391 billion yuan for H1 2024, representing a year-on-year increase of 15.18%, with a net profit attributable to shareholders of 207 million yuan, up 143.62% year-on-year [6][7]. - The company's main products, including MLCC and chip resistors, are recognized as "national-level manufacturing champions" and are widely used across various sectors such as automotive electronics, communications, and consumer electronics [6][7]. - The company has accelerated R&D for high-end products, achieving breakthroughs in key technologies and expanding its product offerings [6][7]. Financial Summary - For H1 2024, the company achieved a revenue of 2.391 billion yuan, with a gross margin of 22.39%, reflecting a quarter-on-quarter increase of 5.8 percentage points [6][7]. - The company’s total revenue projections for 2024E, 2025E, and 2026E are 4.857 billion yuan, 5.215 billion yuan, and 6.057 billion yuan, respectively, with corresponding net profits of 436 million yuan, 593 million yuan, and 706 million yuan [8][10]. - The company’s earnings per share (EPS) are projected to be 0.38 yuan for 2024E, 0.51 yuan for 2025E, and 0.61 yuan for 2026E [8][10].