SHBT(603009) 中泰证券·2024-08-18 09:00Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company reported a revenue of 970 million yuan in the first half of 2024, representing a year-on-year increase of 14.06%, and a net profit attributable to shareholders of 38 million yuan, up 101.60% year-on-year [5] - The business structure continues to optimize, with high growth in new businesses such as chassis precision processing and lightweight components [5] - The company has established strong relationships with leading Tier 1 clients, maintaining high growth rates as production capacity is gradually released [5] - The investment suggestion highlights the company's deep focus on the automotive chassis sector and its expansion into high-precision and lightweight components [5] Financial Performance Summary - Revenue projections for 2024-2026 are adjusted to 2.173 billion, 2.748 billion, and 3.537 billion yuan, with year-on-year growth rates of 15.50%, 26.47%, and 28.70% respectively [5] - Net profit attributable to shareholders is projected to be 75 million, 114 million, and 169 million yuan for the same period, with year-on-year growth rates of 47.40%, 51.50%, and 49.09% respectively [5] - The company's current market capitalization is 6.033 billion yuan, with corresponding P/E ratios of 80.47X, 53.11X, and 35.62X for 2024-2026 [5] Business Segments - The chassis business generated revenue of 571 million yuan, up 15.70% year-on-year, while precision processing revenue reached 115 million yuan, up 60.83% year-on-year [5] - Lightweight business revenue was 68 million yuan, increasing by 36.09% year-on-year, while air conditioning compressor business revenue was 216 million yuan, down 3.39% year-on-year [5] - The company is expanding its automotive parts business based on its chassis expertise and is making progress in the robotics sector [5]