Investment Rating - The investment rating for the company is "Outperform" (Maintain) [1] Core Views - The company has seen an increase in domestic air conditioning pipe sales, leading to a 57% revenue growth in hose products for H1 2024. The total revenue for H1 2024 reached 432 million yuan, a 9.13% increase year-on-year, while the net profit attributable to shareholders decreased by 58.18% to 20.81 million yuan [3][4] - The company is focused on automotive hoses and assemblies, supplying to vehicle manufacturers and aftermarket suppliers. The gross margin has improved year-on-year due to increased sales and cost reduction efforts [3][4] - The company is actively expanding its presence in the new energy vehicle market and has established production bases in China, the US, and Thailand, enhancing its global strategy [4] Financial Summary - H1 2024 revenue from assembly products and hose products was 342 million yuan (+3.62%) and 83 million yuan (+57.12%), respectively, with gross margins of 35.04% (+4.5 percentage points) and 38.65% (+4.8 percentage points) [3][4] - The company has adjusted its profit forecasts for 2024-2026, expecting net profits of 50 million yuan (previously 105 million yuan), 88 million yuan (previously 133 million yuan), and 143 million yuan, respectively, with corresponding EPS of 0.51, 0.90, and 1.46 yuan per share [3][4] - The company’s total assets are projected to grow from 1,291 million yuan in 2024 to 1,526 million yuan in 2026, with a steady increase in revenue and net profit margins [6][7]
三祥科技：北交所信息更新：国内空调管销售增加、主机项目量产，2024H1胶管产品创收+57%