Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The report highlights that the AI replacement trend is driving growth in consumer electronics, while the new energy business is progressing steadily [4] - The company's H1 2024 performance met expectations, with revenue growth in PCB and new energy sectors, despite a decline in net profit [4] - The LED display business has shown a significant reduction in losses, and the company is focusing on improving operational efficiency [5] - The dual-engine strategy of consumer electronics and new energy is expected to provide strong long-term growth resilience [6] Financial Performance Summary - For H1 2024, the company achieved revenue of 166.29 billion yuan, a year-on-year increase of 21.67%, and a net profit of 5.60 billion yuan, a year-on-year decrease of 32.01% [4] - The gross margin for H1 2024 was 13.07%, a slight decline of 0.36 percentage points year-on-year [4] - In Q2 2024, revenue reached 88.84 billion yuan, up 24.15% year-on-year and 14.71% quarter-on-quarter, with a net profit of 2.71 billion yuan [4] - The company expects net profits for 2024, 2025, and 2026 to be 20.1 billion, 28.1 billion, and 34.2 billion yuan respectively [4] Business Segment Performance - The revenue from electronic circuit products, LED display devices, touch panels, and precision components for H1 2024 was 108.50 billion, 4.38 billion, 31.22 billion, and 21.11 billion yuan respectively, with year-on-year growth rates of 20.93%, 4.30%, 40.73%, and 6.37% [5] - The new energy business generated revenue of 38.10 billion yuan, reflecting a year-on-year increase of 29.33% [5] Strategic Outlook - The company is enhancing its competitive edge in consumer electronics by expanding PCB product development in AI servers, cloud computing, and automotive sectors [6] - In the new energy sector, the company is engaging with major North American clients, providing components for automotive displays and cooling systems [6] - The operational efficiency improvements in the LED segment are expected to lead to a gradual recovery in profitability [6]
东山精密:公司信息更新报告:AI换机潮推动消费电子成长,新能源业务稳定推进