KINGCLEAN(603355) 天风证券·2024-07-15 10:30Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative stock price return of over 20% within 6 months [4][8] Core Views - The company's export business achieved restorative growth, with home appliance exports increasing by over 30% YoY in H1 2024 [7] - Cross-border e-commerce revenue grew by approximately 30% YoY, showing rapid growth [7] - The company's three major businesses continue to develop, with strong performance in its own brand "Biyunquan" and cross-border e-commerce [8] - The report forecasts net profit attributable to the parent company of 1.24/1.41/1.60 billion yuan for 2024-2026, with corresponding P/E ratios of 10.2x/9x/7.9x [8] Financial Performance - In H1 2024, the company achieved revenue of 4.75 billion yuan, up 15.5% YoY, and net profit attributable to the parent company of 600 million yuan, up 1.4% YoY [13] - Q2 2024 net profit attributable to the parent company decreased by 16.2% YoY, mainly due to reduced foreign exchange gains compared to the same period last year [14] - The company's revenue is expected to grow from 8.91 billion yuan in 2022 to 12.93 billion yuan in 2026, with a CAGR of 12.9% [10] - Net profit margin is expected to remain stable at around 12.2-12.4% from 2024 to 2026 [23] Business Segments - Home appliance export business: Revenue increased by over 30% YoY in H1 2024 [7] - Core components business (motors and aluminum alloy precision parts): Revenue grew by over 10% YoY [7] - Cross-border e-commerce: Revenue increased by approximately 30% YoY [7] Valuation Metrics - P/E ratio is expected to decline from 10.18x in 2024 to 7.88x in 2026 [10] - P/B ratio is forecasted to decrease from 2.27x in 2024 to 1.47x in 2026 [10] - EV/EBITDA is projected to improve from 6.29x in 2024 to 3.17x in 2026 [10] Industry Outlook - The company operates in the home appliances/small appliances sector [16] - The report maintains a "Buy" rating for the industry, expecting the industry index to rise by more than 5% in the next 6 months [4]