Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative price increase of over 15% in the next 6 to 12 months [1][6]. Core Insights - The company is expected to achieve rapid growth in its performance, driven by continuous expansion in high-quality automotive client projects and successful development of torque sensors [3][5]. - The projected net profit for the company from 2024 to 2026 is estimated at 0.97 billion, 1.27 billion, and 1.79 billion yuan respectively, with corresponding P/E ratios of 36, 27, and 19 times [3][5]. Financial Performance Summary - Revenue Forecast: - 2023A: 747 million yuan - 2024E: 930 million yuan (growth rate of 25%) - 2025E: 1,190 million yuan (growth rate of 28%) - 2026E: 1,381 million yuan (growth rate of 16%) [1][5] - Net Profit Forecast: - 2023A: 80 million yuan - 2024E: 97 million yuan (growth rate of 21%) - 2025E: 127 million yuan (growth rate of 32%) - 2026E: 179 million yuan (growth rate of 41%) [1][5] - Earnings Per Share (EPS): - 2024E: 0.98 yuan - 2025E: 1.29 yuan - 2026E: 1.82 yuan [1][5] - Return on Equity (ROE): - 2023: 7% - 2024E: 8% - 2025E: 9% - 2026E: 12% [1][5] Business Segment Performance - Temperature and Pressure Sensors: - Revenue from temperature sensors in 2024H1 is expected to grow by 15%, accounting for 31.98% of total revenue, while pressure sensors are projected to contribute 44% of revenue with a growth of 14% [1][3]. - Market Expansion: - The overseas market revenue share has increased, with significant growth in gross margin, particularly from major clients in the automotive sector [1][3]. Cash Flow and Operational Efficiency - The company has shown strong cash flow with improved operational capabilities, emphasizing research and development [1][3]. - The operating cash flow for 2024E is projected at 281 million yuan, indicating a robust operational performance [5].
安培龙：Q2业绩环比增长靓丽，汽车项目定点持续突破