银河电子：2024年中报点评：归母净利润增长32.29%，新能源与智能领域专业供应商

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a net profit attributable to shareholders of 136 million yuan in the first half of 2024, representing a year-on-year increase of 32.29%, despite a revenue decline of 10.24% to 511 million yuan [1][2] - The decline in revenue is primarily attributed to a decrease in the smart electromechanical business, which saw a revenue drop of 11.25% [1] - The company has successfully recovered all outstanding debts, totaling 92 million yuan, and continues to focus on patent cultivation, holding a total of 289 authorized patents [2] - The company emphasizes innovation as a core driver of development, supported by a strong R&D team of over 400 personnel and multiple research centers [2] - The company is well-positioned to benefit from the accelerating demand for smart electromechanical products and its strategic involvement in the satellite internet sector [2] Financial Summary - The company reported total revenue of 1,128 million yuan in 2023, with projections of 1,454 million yuan for 2024, reflecting a growth rate of 28.84% [1][9] - The net profit for 2023 was 186.90 million yuan, with an expected increase to 264.18 million yuan in 2024, indicating a growth rate of 41.35% [1][9] - The earnings per share (EPS) is projected to rise from 0.17 yuan in 2023 to 0.23 yuan in 2024 [1][9] - The price-to-earnings (P/E) ratio is expected to decrease from 30.98 in 2023 to 21.92 in 2024 [1][9] - The company’s total assets are projected to grow from 4,463 million yuan in 2023 to 5,654 million yuan in 2026 [9][10]