Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company achieved a revenue of 227 million yuan in the first half of 2024, representing a year-on-year growth of 72.91%, while the net profit attributable to the parent company reached 63 million yuan, up 450.94% year-on-year [2] - The growth in revenue is attributed to enhanced market development, technological innovation, improved customer service, and steady growth in domestic and international business orders [2] - The company's overall gross margin for the first half of 2024 was 42.37%, an increase of 19.18 percentage points year-on-year, while the net profit margin was 27.70%, up 19.01 percentage points year-on-year [2] - The gross margin for lithium manganese batteries was 43.50%, recovering to levels seen before raw material price increases, while lithium iron battery gross margin was 24.68%, benefiting from economies of scale [2] - The company's overseas business revenue reached 145 million yuan, a year-on-year increase of 108.53%, significantly outpacing domestic business growth [2] Financial Forecasts - The company is expected to achieve revenues of 452.35 million yuan, 566.87 million yuan, and 680.23 million yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 30.59%, 25.32%, and 20.00% [4] - The net profit attributable to the parent company is projected to be 117.02 million yuan, 145.22 million yuan, and 174.78 million yuan for the same years, with year-on-year growth rates of 119.54%, 24.10%, and 20.35% [4] - The earnings per share (EPS) are expected to be 1.16 yuan, 1.43 yuan, and 1.73 yuan for 2024, 2025, and 2026, with corresponding price-to-earnings (P/E) ratios of 10.06X, 8.11X, and 6.73X [4] Market Performance - The company's stock has shown a relative return of 18.02% over the past month, 25.09% over the past three months, and 76.69% over the past year [3]
德瑞锂电原材料成本下降+海外客户放量，2024H1业绩维持高增