Azure(002245) 民生证券·2024-07-24 09:30Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 8.06 yuan [3]. Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2024, with revenue reaching 1.67 billion yuan, up 36.19% year-on-year, and net profit of 124 million yuan, up 260.10% year-on-year [3]. - The lithium battery business experienced substantial growth, with revenue of 1.11 billion yuan, an increase of 15.13% year-on-year, driven by recovering downstream procurement and increased order volume [3]. - The LED business also showed strong performance, with revenue of 751 million yuan, up 24.70% year-on-year, benefiting from successful entry into major global customer supply chains [3]. - The metal logistics distribution business maintained a leading position, with revenue of 1.16 billion yuan, up 13.76% year-on-year, indicating a stable operational status [3]. Financial Performance Summary - Total revenue for 2023 is projected at 5,222 million yuan, with a growth rate of -16.9%. For 2024, revenue is expected to reach 6,741 million yuan, growing by 29.1% [4][10]. - The net profit attributable to shareholders is forecasted to be 141 million yuan in 2023, increasing to 429 million yuan in 2024, reflecting a growth rate of 204.9% [4][10]. - The company's gross profit margin is expected to improve from 12.80% in 2023 to 15.95% in 2024 [4][10]. Earnings Forecast - The company is expected to achieve revenues of 8,190 million yuan in 2025 and 9,544 million yuan in 2026, with corresponding net profits of 569 million yuan and 641 million yuan respectively [4][10]. - The projected PE ratios for 2024, 2025, and 2026 are 22, 16, and 14 respectively, indicating a favorable valuation trend [4][10].