Tonhe TECH.(SZ:300491) ZHESHANG SECURITIES·2024-09-22 00:23Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - The company achieved a revenue of 459 million yuan in the first half of 2024, representing a year-on-year growth of 39.11%. However, the net profit attributable to the parent company decreased by 43.76% to 20 million yuan, primarily due to the impact of government subsidies in the previous year and the increased proportion of lower-margin charging module business [1][3] - The charging module business is experiencing rapid growth, with significant advancements in technology and successful expansion into overseas markets. The company has launched new products, including a 40kW charging module and various V2G charging modules, while increasing marketing efforts in Europe, America, and Southeast Asia [1][2] Summary by Sections Financial Performance - In the first half of 2024, the company reported a revenue of 459 million yuan, with a 39.11% increase year-on-year. The revenue from charging stations reached 294 million yuan, up 55.34% [1] - The net profit margin for the first half of 2024 was 4.40%, down 6.48 percentage points year-on-year, influenced by the higher revenue share from the charging module business, which has a lower gross margin compared to military and power sectors [1] Business Segments - The power operation power supply segment generated 82.52 million yuan in revenue in the first half of 2024, marking an 11.75% increase year-on-year. The aerospace segment reported a revenue of 43.50 million yuan, down 6.97% year-on-year, but with a gross margin of 52.20%, up 12.35 percentage points [2] - The company is focusing on expanding its product offerings in the aerospace sector and enhancing its market competitiveness through specialized power supply solutions and testing services [2] Profit Forecast and Valuation - The profit forecast for 2024-2026 has been revised downwards, with expected net profits of 123 million, 205 million, and 307 million yuan respectively. The corresponding EPS is projected to be 0.70, 1.17, and 1.76 yuan per share, with current P/E ratios of 19, 11, and 7 times [3][4]