SHBT(603009) 华鑫证券·2024-09-29 03:30Investment Rating - The report maintains a "Buy" rating for the company [1][3] Core Insights - The company has shown significant growth in revenue and net profit in the first half of 2024, with revenue reaching 970 million yuan, a year-on-year increase of 101.6%, and net profit attributable to shareholders increasing by 143.7% to 40 million yuan [1] - The company is benefiting from the scale effect of new products, particularly in the chassis precision components business, which has seen strong sales growth [1][2] - The commercial vehicle market is expected to recover, positively impacting the company's air conditioning compressor business, which sold 200,500 units in the first half of 2024, a year-on-year increase of 1.9% [2] Summary by Sections Financial Performance - In 2024H1, the company achieved a revenue of 970 million yuan, up 101.6% year-on-year, with a gross margin of 19.2%, an increase of 8.3 percentage points [1] - The net profit for 2024H1 was 40 million yuan, reflecting a year-on-year growth of 143.7% [1] - The company forecasts revenues of 2.15 billion yuan for 2024, with net profits expected to reach 73 million yuan, indicating a growth rate of 42.9% [3][5] Business Segments - The chassis business, which includes high-precision components, is a major growth driver, with revenue from this segment reaching 1.1 billion yuan, a year-on-year increase of 60.8% [1][2] - The company has established a subsidiary to develop components for humanoid robots, indicating a strategic move into a growing market [2] Market Outlook - The humanoid robot market is experiencing significant interest, with substantial investment activity noted in the sector [2] - The commercial vehicle market is projected to recover, which is expected to improve the performance of the company's air conditioning compressor business [2]