Shengyi Tech (600183 CH) Solid 1H24 earnings; high copper price to have modest impact in near term Shengyi Tech released its 1H24 earnings. Revenue improved by 22.2% YoY/10.6% HoH to RMB9.6bn, driven by solid demand of AI servers, growing auto orders and inventory restocking. During the same period, GPM improved to 21.6% (vs. 19.3%/19.2% in 1H/2H23), benefiting from improving utilization and a favorable product mix towards high-margin products. Consequently, NP increased by 68.0% YoY/53.1% HoH to RMB932mn. ...