Sunlord(002138) 开源证券·2024-07-31 08:01Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5] Core Views - The company reported a year-on-year revenue increase of 15.43% to 2.691 billion yuan in H1 2024, with a net profit growth of 43.82% to 368 million yuan [5] - The growth in profit is attributed to an optimized customer structure in the communications business, rapid growth in the automotive electronics sector, and strong performance in emerging markets such as data centers and photovoltaic energy storage [5][6] - The company is expected to maintain a positive outlook for its passive component business, with projected net profits of 947 million, 1.188 billion, and 1.404 billion yuan for 2024, 2025, and 2026 respectively [5] Financial Performance Summary - H1 2024 revenue: 2.691 billion yuan, up 15.43% YoY - H1 2024 net profit: 368 million yuan, up 43.82% YoY - Q2 2024 revenue: 1.432 billion yuan, up 9.60% YoY and 13.78% QoQ - Q2 2024 net profit: 198 million yuan, up 12.84% YoY and 16.27% QoQ - Gross margin for H1 2024: 36.96%, up 3.09 percentage points YoY [5][6] Emerging Business Areas - The automotive electronics sector achieved revenue of 464 million yuan in H1 2024, a significant increase of 90.31% YoY, with the company covering top global automotive and new energy vehicle clients [6] - The company is expanding its applications in photovoltaic energy storage and has received recognition from industry leaders [6] - The AI and data center applications are also showing promising growth, particularly in high-power density characteristics of copper magnetic co-fired inductors [6] Financial Projections - Projected revenues for 2024-2026: 6.143 billion, 7.427 billion, and 8.758 billion yuan respectively - Projected net profits for 2024-2026: 947 million, 1.188 billion, and 1.404 billion yuan respectively - Expected P/E ratios for 2024-2026: 22.6, 18.0, and 15.2 times respectively [7][8]