EAGLERISE(CHINA)(002922) 东吴证券·2024-07-11 10:01Investment Rating - Buy (Maintained) [1][3] Core Views - The company's H1 2024 net profit attributable to the parent company is expected to increase by 75-105% YoY, with non-GAAP net profit increasing by 77-106% YoY, exceeding market expectations [1] - The company's overseas business is developing rapidly, and the automation production line has improved quality and efficiency beyond expectations, leading to an upward revision of the 2024-2026 net profit forecasts [3] - The company's Q2 2024 revenue is expected to maintain a rapid growth rate, driven by contributions from photovoltaic step-up transformers and distribution transformers [7] Financial Performance - H1 2024 net profit attributable to the parent company is expected to be between 158-185 million yuan, with a median of 172 million yuan, a 91% YoY increase [1] - Q2 2024 net profit attributable to the parent company is expected to be 114 million yuan, a 60% YoY increase and a 96% QoQ increase [1] - The company's 2024-2026 net profit forecasts have been revised to 401, 556, and 704 million yuan, representing YoY increases of 91%, 39%, and 27% respectively [3] Business Outlook - The company's domestic major customers' Q2 shipment pace is in line with expectations, and the scale effect + digital factory quality and efficiency improvement have basically offset the impact of rising raw material prices on transformer gross margins [7] - Overseas direct sales customers in Europe and the US are gaining momentum, with faster progress in Europe and accelerated layout of North American factories, with the US factory expected to start production in Q4 2024 [7] - The company's photovoltaic step-up transformer and distribution transformer products are expected to maintain rapid revenue growth throughout the year, supported by the accelerated release of overseas production capacity [7] Valuation and Metrics - The company's current P/E ratios for 2024-2026 are 18x, 13x, and 10x respectively [3] - The company's 2024-2026 revenue is forecasted to be 5,162, 6,415, and 7,745 million yuan, with YoY growth rates of 42.20%, 24.27%, and 20.74% respectively [6] - The company's 2024-2026 EPS is forecasted to be 1.02, 1.42, and 1.80 yuan per share [6]