华秦科技：产品条线储备丰富，多成长曲线进入快速成长期

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [3][11]. Core Insights - The company achieved a revenue of 485 million yuan in the first half of 2024, representing a year-on-year growth of 27.04%, and a net profit attributable to shareholders of 216 million yuan, up 17.44% year-on-year [1]. - The growth is driven by the continuous development of production models and the acceleration of small-batch trial deliveries, indicating sustained long-term growth potential [1]. - The company has disclosed large contracts worth 775 million yuan this year, showcasing significant revenue potential [1]. - The increase in inventory to 199 million yuan, a 192.16% increase year-on-year, reflects rising sales orders and fulfillment costs [1]. - The company is in a rapid capacity expansion phase, with fixed assets increasing by 74.48% to 335 million yuan and construction in progress rising by 121.99% to 757 million yuan [1]. Financial Summary - The company reported a net profit of 101 million yuan in Q2 2024, a 6.32% increase year-on-year, despite a 11.54% decrease quarter-on-quarter [1]. - The projected revenues for 2024-2026 are 1.2 billion yuan, 1.83 billion yuan, and 2.78 billion yuan respectively, with corresponding net profits of 498 million yuan, 684 million yuan, and 987 million yuan [2][5]. - The EBITDA for 2024 is projected at 616 million yuan, with a growth rate of 48.60% [2][5]. - The company’s earnings per share (EPS) is expected to grow from 1.72 yuan in 2023 to 5.07 yuan in 2026 [2][5]. Business Development - The company is actively expanding its product lines, particularly in stealth technology and advanced materials, which are expected to drive growth in the coming years [1]. - The construction of fundraising projects is accelerating, with plans to complete parts of the facilities by the end of 2024 [1]. - The company is focusing on various applications of acoustic metamaterials and ceramic matrix composites, indicating a broadening of its business scope [1].