SACO(002025) 东吴证券·2024-08-31 03:05Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is undergoing a transformation towards integrated interconnection, aiming to create new competitive advantages in the market [3] - Despite a decline in revenue and net profit in the first half of 2024, the company is expanding into new markets and increasing sales expenses to support this growth [2][3] - The company has adjusted its profit forecasts for 2024-2026 due to industry order fluctuations, with expected net profits of 865 million, 997 million, and 1.202 billion yuan respectively [3] Summary by Sections Financial Performance - In the first half of 2024, the company achieved revenue of 2.921 billion yuan, a year-on-year decrease of 19.31%, and a net profit of 385 million yuan, down 10.00% year-on-year [2] - Sales expenses increased by 31.64% to 95 million yuan, driven by efforts to expand into new markets and promote new products [2] - Accounts receivable rose to 4.652 billion yuan, a 12.15% increase year-on-year, reflecting challenges in cash collection due to demand fluctuations [2] Strategic Developments - The company plans to invest 30.6 million yuan in its subsidiary, Aviation Electronics System, to support its development in the civil electric motor industry [3] - The shift from single components to integrated interconnection solutions is expected to enhance the company's capabilities in high-end electromechanical components [3] Earnings Forecast and Valuation - The revised net profit forecasts for 2024, 2025, and 2026 are 865 million, 997 million, and 1.202 billion yuan, with corresponding P/E ratios of 24, 21, and 17 times [3] - The company’s stock is currently priced at 45.95 yuan, with a P/E ratio of 27.97 based on the latest diluted earnings per share [4][5]