KSHG(605333) 长江证券·2024-09-19 00:09Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Insights - The company achieved a revenue of 3.418 billion yuan in the first half of the year, representing a year-on-year growth of 142.03%. The net profit attributable to shareholders was 255 million yuan, marking a turnaround from loss to profit [4][5]. - In Q2, the company reported a revenue of 1.885 billion yuan, with a quarter-on-quarter increase of 22.97% and a year-on-year increase of 148.87%. The net profit for Q2 was 154 million yuan, showing a significant improvement [5]. - The company is positioned as a leading domestic player in automotive wiring harnesses, with expectations of net profits of 551 million, 847 million, and 1.13 billion yuan for 2024, 2025, and 2026 respectively, translating to PE ratios of 19.5, 12.7, and 9.5 times [6]. Summary by Sections Financial Performance - The company’s Q2 net profit margin improved to 8.2%, an increase of 10.3 percentage points year-on-year, attributed to enhanced profitability of subsidiaries and optimized cost control [5]. - The revenue growth was primarily driven by increased deliveries from key customers, with a notable delivery of 98,800 vehicles from a core customer, contributing significantly to revenue [5]. Customer and Product Development - The company has established strong relationships with high-quality clients, including major automotive brands, and is expanding its global footprint [5]. - The development of in-house high-voltage connectors is expected to enhance the company's competitive edge and profitability in the long term [5]. Future Projections - The company anticipates continued revenue growth driven by the ongoing delivery of high-value models and the expansion of its product offerings [5][6].