SACO(002025) 中国银河·2024-09-01 02:30Investment Rating - The report maintains a "Recommended" rating for the company [4] Core Views - The company reported a revenue of 2.921 billion yuan for the first half of 2024, a year-on-year decrease of 19.31%, and a net profit attributable to shareholders of 385 million yuan, down 10.00% year-on-year [2] - Despite the decline in revenue, the company has seen growth in orders from new markets and civilian sectors, indicating resilience in its business model [2] - The company achieved a gross margin of 47.5% in the first half of 2024, an increase of 11.9 percentage points year-on-year, showcasing effective cost control [2][3] Financial Performance Summary - Revenue for 2024 is projected to be 6.592 billion yuan, with a growth rate of 6.16% [7] - The net profit for 2024 is estimated at 866 million yuan, reflecting a growth rate of 15.46% [7] - The company’s gross margin is expected to improve to 43.20% in 2024 [7] - Earnings per share (EPS) are forecasted to be 1.90 yuan for 2024, with a price-to-earnings (PE) ratio of 23.68 [7] Product Performance - The connector business generated revenue of 1.878 billion yuan, down 23.2% year-on-year, while the motor business revenue was 754 million yuan, down 11.8% year-on-year [2] - The relay business saw a revenue increase of 33.7% year-on-year, reaching 138 million yuan, and the optical communication device business grew by 23.4% to 79 million yuan [2] Cost Management - The company has effectively managed costs across the product lifecycle, resulting in a significant increase in gross margins across various product lines [2][3] - The company’s operating expense ratio, including R&D expenses, was 26.7%, an increase of 9.7 percentage points year-on-year [2] Inventory and Accounts Receivable - The company’s inventory increased by 37.2% to 1.458 billion yuan, with raw materials and goods in transit showing significant growth [3] - Accounts receivable and notes increased by 18.4% to 5.535 billion yuan, attributed to seasonal fluctuations in demand [2][3]