Investment Rating - The investment rating for the company is "Buy" with a current price of 77.92 CNY and a fair value of 87.01 CNY, maintaining the previous rating of "Buy" [4]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 3.05-3.25 billion CNY in the first half of 2024, representing a year-on-year increase of 87.06%-99.32%, exceeding market expectations [9]. - The home appliance industry remains at a high level of prosperity, with China's customs data showing a 19.1% year-on-year increase in thermos cup exports from January to May 2024, and a remarkable 36.1% growth in May alone [9]. - The company is experiencing rapid growth alongside major clients, with a projected net profit of 695 million CNY, 867 million CNY, and 1.049 billion CNY for 2024, 2025, and 2026 respectively, reflecting growth rates of 47.3%, 24.8%, and 21.0% [10]. Financial Summary - The company reported a revenue of 1,260 million CNY in 2022, with a projected increase to 1,775 million CNY in 2023, and further growth to 2,499 million CNY in 2024, reflecting a growth rate of 41.0% [11]. - The EBITDA is expected to rise from 316 million CNY in 2023 to 800 million CNY in 2024, indicating strong operational performance [11]. - The net profit is projected to grow from 472 million CNY in 2023 to 695 million CNY in 2024, showcasing a significant increase in profitability [11].
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