Investment Rating - The investment rating for the company is "Outperform" (Maintain) [1] Core Views - The company achieved a revenue growth of 32% year-on-year to 284 million yuan in H1 2024, with a net profit attributable to shareholders of 47 million yuan, representing a 13% increase year-on-year [3] - The company continues to benefit from the demand in the automotive intelligent driving and robotics sectors, along with ongoing product innovation [3] - The company has made significant advancements in its research and development, including the introduction of new products such as flexible sensing power sensors and the development of lead-free piezoelectric materials [3] Financial Performance Summary - Revenue for 2024 is projected to be 565 million yuan, with a year-on-year growth of 21% [4] - The net profit attributable to shareholders is expected to reach 91 million yuan in 2024, reflecting a year-on-year growth of 17.8% [4] - The company’s gross margin is forecasted to be 37.9% in 2024, slightly decreasing from 38.1% in 2023 [4] Product Development and Market Position - The company has deepened its focus on applications in intelligent driving, service robots, and home robots, with products like the AKⅡ vehicle-mounted ultrasonic sensor entering mass production [3] - The company has filed 22 new patents in H1 2024, including 9 invention patents, and is strategically positioning itself in the MEMS device market [3] - The lead-free piezoelectric ceramic technology developed in collaboration with Lanzhou University has achieved significant milestones and is expected to meet future regulatory requirements [3] Future Earnings Forecast - The projected net profits for 2024, 2025, and 2026 are 91 million yuan, 111 million yuan, and 138 million yuan respectively, with corresponding EPS of 0.64 yuan, 0.79 yuan, and 0.98 yuan [3][4] - The price-to-earnings (P/E) ratios for the same years are expected to be 18.0, 14.7, and 11.8 times [4]
奥迪威：北交所信息更新：2024H1新增专利数22项取得新突破，无铅压电陶瓷取得阶段性进展