经纬恒润：24H1点评：定点逐步落地，期待业绩拐点

Investment Rating - The investment rating for the company is "Buy" (maintained) with a market price of 61.60 CNY [1]. Core Views - The company is expected to experience a performance turning point as it gradually implements its projects, particularly in the automotive electronics sector, which is anticipated to grow rapidly [3][5]. - Despite facing pressure on profits due to high R&D investments and macroeconomic factors affecting gross margins, the company is well-positioned for future growth as new products are launched and demand recovers [4][5]. Financial Forecast and Valuation - Revenue projections are as follows: - 2022A: 4,022 million CNY - 2023A: 4,678 million CNY (growth rate of 16.3%) - 2024E: 5,776 million CNY (growth rate of 23.5%) - 2025E: 7,290 million CNY (growth rate of 26.2%) - 2026E: 9,172 million CNY (growth rate of 25.8%) [1][6] - Net profit forecasts indicate a recovery starting in 2025: - 2022A: 235 million CNY - 2023A: -217 million CNY - 2024E: -141 million CNY - 2025E: 117 million CNY - 2026E: 334 million CNY [1][6] - Earnings per share (EPS) are projected to improve significantly by 2026, reaching 2.78 CNY [1][6]. Business Development - The company is focusing on key technology areas such as intelligent driving, body domain control, and new energy, with significant R&D investments impacting current profits [3][4]. - The automotive electronics business is expected to see rapid growth due to the successful launch of various products, including intelligent driving solutions and central computing platforms [3][4]. Market Position - The company is recognized as a leader in automotive electronics, with a comprehensive product line and substantial technological accumulation, indicating a broad future growth potential as R&D investments yield results [5].