Hytera(002583) 天风证券·2024-07-15 04:30Investment Rating - The report maintains a "Buy" rating with an expected relative return of over 20% within 6 months [4] Core Views - The company has shown stable operations and rapid growth in the first half of 2024, benefiting from national policies and the "Belt and Road" initiative, leading to a steady increase in revenue and a decrease in expense ratios [8][15] - The company is expected to achieve a net profit of 140 million to 170 million yuan in the first half of 2024, representing a year-on-year growth of 80.87% to 119.62% [15] - The emergency communication sector is anticipated to benefit from increased investments in emergency infrastructure, presenting new market opportunities [8][16] Financial Summary - Revenue for 2024 is projected to be 6,500.70 million yuan, with a growth rate of 14.99% [17] - The net profit attributable to the parent company is expected to be 400.44 million yuan in 2024, with a significant increase from previous years [17] - The company’s earnings per share (EPS) is projected to be 0.22 yuan in 2024, increasing to 0.41 yuan by 2026 [17][22] Business Development - The company is solidifying its position as a leader in private network communications, launching new products and forming significant orders globally [9] - Collaborations in the electric vehicle sector are expected to enhance business growth, with partnerships established with major battery manufacturers and automotive companies [9] Profit Forecast and Investment Advice - The net profit forecast for 2024-2025 has been adjusted to 400 million and 565.89 million yuan respectively, with a target net profit of 751.52 million yuan in 2026 [9][17] - The report maintains an "Accumulate" rating based on these projections [9]