Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company has achieved significant growth in the new energy vehicle market, with a revenue increase of 20.12% year-on-year in H1 2024, reaching 112 million yuan, and a net profit growth of 102.37%, amounting to 27 million yuan [2] - The gross margin improved to 38.19%, an increase of 3.91 percentage points year-on-year, while the expense ratio saw a slight increase [2] - The company has established strong ties with leading downstream clients and is expected to see growth from its new energy precision component manufacturing project [3] Financial Performance - Revenue for 2024 is projected to be 294.20 million yuan, with a year-on-year growth of 27.26% [1] - The net profit for 2024 is estimated at 52.70 million yuan, reflecting a year-on-year increase of 32.24% [1] - The latest diluted EPS is forecasted to be 0.79 yuan per share for 2024, with a corresponding P/E ratio of 14.58 [1] Business Segmentation - The company's revenue from automotive wiper systems, window systems, and air conditioning system components for H1 2024 was 60 million yuan, 42 million yuan, and 10 million yuan, respectively, with growth rates of 19.76%, 26.87%, and -0.36% [2] - The rapid growth in the automotive window system components is attributed to increased business from client Shanghai Entanwa [2] Market Expansion - The company has successfully expanded its overseas market presence, with revenue from international operations growing by 38.20% year-on-year in H1 2024 [3] - The gross margin for overseas business stands at 48.18%, which is 11.81 percentage points higher than the domestic business gross margin [3]
捷众科技：2024年半年报点评：新能源汽车市场开拓成效显著，业绩同比高速增长