Investment Rating - The investment rating for the company is "Buy" (maintained) [2][4][6] Core Insights - The company reported a revenue of 466 million yuan for H1 2024, representing a year-on-year increase of 20.68%, and a net profit of 62 million yuan, up 13.35% year-on-year [2][3] - The company has established long-term stable partnerships with leading global enterprises such as Decathlon and IKEA, which has enhanced its position in the supply chain and increased its market share [3][4] - The company's international production capabilities are expected to support its cross-border development, with H1 2024 domestic revenue growing by 46.50% and international revenue increasing by 14.77% [3][4] Revenue and Profitability - For H1 2024, the company achieved a gross margin of 28.74%, an increase of 0.33 percentage points year-on-year [3][4] - The company is projected to achieve revenues of 963 million yuan, 1.168 billion yuan, and 1.435 billion yuan for 2024, 2025, and 2026 respectively, with corresponding growth rates of 20%, 21%, and 23% [7][9] Market Performance - The company's stock price is currently at 17.56 yuan, with a 52-week price range of 16.02 to 33.30 yuan [3][4] - Over the past 12 months, the company's stock has decreased by 27.1%, while the Shanghai and Shenzhen 300 index has decreased by 12.3% [3][4] Financial Metrics - The company is expected to have a diluted EPS of 1.10 yuan in 2024, with a projected P/E ratio of 15.95 [7][9] - The return on equity (ROE) is forecasted to increase from 7% in 2023 to 9% in 2024, reaching 12% by 2026 [7][9]
通达创智：2024年中报业绩点评：营收利润同比双增长，核心客户份额稳健向上