Kinwong(603228) 国信证券·2024-09-18 14:31Investment Rating - The investment rating for the company is "Outperform the Market" [1][2] Core Views - The company has maintained strong demand in automotive products and achieved breakthroughs in high-end data communication products, with a 63% year-on-year growth in net profit for the first half of 2024 [1] - The company reported a revenue of 5.867 billion yuan in 1H24, representing an 18.26% year-on-year increase, and a net profit of 657 million yuan, reflecting a 62.56% year-on-year increase [1] - The company has made significant technological advancements in various product categories, including high-speed PCBs for general servers and AI servers, which are expected to drive future growth [1] - The company is progressing with key project constructions, and the release of high-end production capacity is anticipated to enhance profitability [1] Financial Performance Summary - In 1H24, the company's revenue was 5.867 billion yuan, with a net profit of 657 million yuan, and a gross margin of 23.48% [1] - The company expects net profits for 2024-2026 to be 1.254 billion yuan, 1.509 billion yuan, and 1.766 billion yuan, respectively, with year-on-year growth rates of 33.9%, 20.3%, and 17.1% [1][3] - The company's earnings per share (EPS) for 2024E is projected to be 1.34 yuan, with a price-to-earnings (P/E) ratio of 18.1x [3][8]