Investment Rating - Investment rating is maintained at "Buy" [1][2] Core Viewpoints - The company is focused on the automotive and electronic appliance sectors, specializing in aluminum and zinc alloy precision components. It plans to fully acquire three companies to enhance business synergy and expand into the European market [2][23] - The company has seen a steady increase in revenue from 2020 to 2023, with a significant growth of 23.95% in revenue and 34.55% in net profit for the first half of 2024 [3][28] - The automotive lightweighting trend is driving demand for aluminum alloys, with a notable increase in new energy vehicle production and sales [4][36] Business Overview - The company specializes in manufacturing precision die-casting products, including components for automotive and electronic appliances. Its product range includes parts for electric tools, heating devices, and various automotive systems [13][17] - The company has established a strong customer base, including major brands like Bosch, Cummins, and BYD, and has successfully entered the supply chains of several well-known automotive manufacturers [19][27] Financial Performance - The company reported a revenue of 242 million yuan in the first half of 2024, representing a year-on-year increase of 23.95%, and a net profit of 26.3 million yuan, up 34.55% [3][28] - The gross margin and net margin for the first half of 2024 were 21.57% and 10.86%, respectively, indicating a healthy profitability [28][29] - The company has adjusted its profit forecasts for 2024 and added projections for 2025-2026, with expected net profits of 57 million yuan, 69 million yuan, and 89 million yuan for the respective years [2][32] Industry Insights - The automotive industry is increasingly adopting lightweight materials, with aluminum alloys being favored for their cost-effectiveness and performance. The demand for aluminum is expected to grow as the market shifts towards new energy vehicles [4][36] - The global electric tool market is recovering, with significant growth in exports from China, indicating a positive trend for the company's electronic appliance segment [4][36]
吉冈精密：北交所公司深度报告：北交所公司深度报告新能源车客户开拓顺畅、电子电器市场需求恢复，募投项目预计2024年底投产