EWPT(300115) 太平洋·2024-10-23 02:38Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [2][9]. Core Views - The company's revenue for H1 2024 reached 7.692 billion yuan, a year-on-year increase of 30.15%, with net profit attributable to shareholders at 433 million yuan, up 428.74% year-on-year [2]. - The recovery in downstream demand, particularly in the consumer electronics sector, has significantly boosted the company's performance, with a 24.08% increase in revenue from consumer electronics [2][3]. - The company is advancing its automation and digital transformation to enhance production efficiency and reduce operational costs, leading to a decrease in the ratio of selling, administrative, and R&D expenses to revenue by 3.81 percentage points [2][3]. Financial Projections - Revenue projections for the company are as follows: 2024E at 17.06 billion yuan, 2025E at 20.10 billion yuan, and 2026E at 23.69 billion yuan [1][4]. - The net profit projections are 768 million yuan for 2024E, 860 million yuan for 2025E, and 972 million yuan for 2026E, with corresponding PE ratios of 26.49, 23.67, and 20.93 [4][3]. - The gross margin is expected to improve to 21.05% in 2024E and further to 22.52% by 2026E [4]. Industry Outlook - The report highlights a positive outlook for the consumer electronics and new energy sectors, driven by innovations such as foldable screens and AI applications, which are expected to sustain growth in the PC and smartphone markets [3]. - The company is also positioning itself in the humanoid robotics sector, establishing a wholly-owned subsidiary focused on the research, production, and sales of intelligent robots and precision components [3].