Investment Rating - The report assigns a "Buy" rating to the company, indicating an expected price increase of over 15% relative to the CSI 300 index within the next six months [11]. Core Views - The company has shown robust performance in the rapidly growing electric vehicle sector, with significant revenue growth in its core business of fuses and related components [1][2]. - The company's revenue for the first half of 2024 reached 594 million yuan, representing a year-on-year increase of 19.97%, while net profit attributable to shareholders was 65 million yuan, up 15% year-on-year [1]. - The electric fuse business has a wide range of applications, particularly in the electric vehicle, renewable energy, and communication markets, with strong market competitiveness and leading market share [1][2]. Financial Performance Summary - For the first half of 2024, the company's electric fuses and components generated revenue of 542 million yuan, a year-on-year increase of 14.10%, accounting for 91.27% of total sales [1]. - The electric vehicle segment alone achieved revenue of 365 million yuan, a year-on-year growth of 45.38%, with a sales share of 61.45% [1]. - The company expects continued growth in the energy storage sector, driven by collaborations with major players like CATL and BYD [1][2]. Earnings Forecast - The projected net profits for the company are 140 million yuan, 177 million yuan, and 218 million yuan for the years 2024, 2025, and 2026, respectively, with corresponding fully diluted EPS of 2.11 yuan, 2.67 yuan, and 3.29 yuan [2][3]. - The expected P/E ratios for the years 2024, 2025, and 2026 are 33.91, 26.83, and 21.80, respectively, indicating a favorable growth outlook [2][3]. Market Position and Competitive Advantage - The company has established early market presence in the electric vehicle and renewable energy sectors, enhancing its competitive edge through technological advancements and product iterations [1][2]. - The incentive fuses, which are gaining traction, offer higher unit value and margins compared to traditional fuses, presenting a new growth opportunity as production scales up [2].
中熔电气：中报点评：新能源汽车领域快速增长，激励熔断器表现亮眼