经纬恒润：公司研究报告：苦修内功产品布局日臻完善，有望迎来业绩拐点

Investment Rating - The report assigns an "Outperform" rating to the company with a target price of RMB 118.38 for the next six months, based on a price-to-sales (PS) ratio of 2.5 times for 2024 [4][10]. Core Insights - The company has achieved steady revenue growth, with a reported revenue of RMB 2.03 billion in H1 2024, representing a 19% year-over-year increase. However, it recorded a net loss of RMB 333 million, compared to a loss of RMB 89 million in the same period last year [10]. - Significant investments in research and development (R&D) have been made, with R&D expenses amounting to RMB 656 million, RMB 968 million, and RMB 537 million in 2022, 2023, and H1 2024 respectively, reflecting growth rates of 44%, 48%, and 26% [10]. - The revenue growth is primarily driven by advancements in intelligent driving, new energy, chassis control, and self-developed software, with a focus on meeting the customized needs of various automakers [10]. - The company has developed a comprehensive product ecosystem for intelligent connected vehicles, including V2X vehicle-road collaboration products and a full-stack self-developed strategy [10]. Financial Summary - The company’s projected revenues for 2024, 2025, and 2026 are RMB 5.68 billion, RMB 6.87 billion, and RMB 8.25 billion respectively, with expected net profits of RMB -183 million, RMB 63 million, and RMB 189 million [4][10]. - The earnings per share (EPS) are forecasted to be RMB -1.52, RMB 0.53, and RMB 1.58 for the years 2024, 2025, and 2026 respectively [4][10]. - The company’s revenue growth rates for electronic products, R&D services, and high-level intelligent driving solutions are expected to be 18%/17%/16%, 30%/29%/28%, and 100%/90%/80% respectively from 2024 to 2026 [4][10]. Business Segmentation - The company’s revenue from electronic products is projected to grow from RMB 3.42 billion in 2023 to RMB 4.03 billion in 2024, with a gross margin of 20% [5]. - Revenue from R&D services and solutions is expected to increase from RMB 1.23 billion in 2023 to RMB 1.60 billion in 2024, maintaining a gross margin of 42% [5]. - The high-level intelligent driving solutions segment is anticipated to see substantial growth, with revenue expected to rise from RMB 12.15 million in 2023 to RMB 24.29 million in 2024, achieving a gross margin of 10% [5].