Topband(002139) 华创证券·2024-07-31 04:31Investment Rating - The report maintains a "Recommend" rating for the company with a target price of 14.35 yuan, based on a 24x PE valuation for 2024, implying a target market cap of 17.886 billion yuan [1][3] Core Views - The company achieved significant growth in H1 2024, with revenue of 5.016 billion yuan (+17.85% YoY) and net profit attributable to shareholders of 389 million yuan (+50.68% YoY) [1] - Profitability improved notably, with gross margin reaching 23.90% (+2.32 ppts YoY) and net margin at 7.77% (+1.7 ppts YoY) [11] - The tool segment led growth, with revenue of 1.959 billion yuan (+20.90% YoY) and gross margin of 24.62% (+1.1 ppts YoY) [11] - New energy business maintained rapid growth, with energy storage revenue of 760 million yuan (+13.74% YoY) and new energy vehicle revenue of 280 million yuan (+14.43% YoY) [11] Financial Performance - Revenue is expected to grow from 10.487 billion yuan in 2024E to 14.714 billion yuan in 2026E, with a CAGR of 18.2% [4][15] - Net profit attributable to shareholders is projected to increase from 745 million yuan in 2024E to 1.112 billion yuan in 2026E, with a CAGR of 22.8% [4][15] - ROE is forecasted to improve from 10.7% in 2024E to 12.7% in 2026E, while ROIC is expected to rise from 10.2% to 11.9% over the same period [4] Business Segments - The company operates in four main segments: tools (1.959 billion yuan, +20.90% YoY), home appliances (1.773 billion yuan, +18.15% YoY), new energy (1.040 billion yuan, +13.74% YoY), and industrial control (156 million yuan, +13.82% YoY) [11] - The tool segment benefits from electrification and cordless trends, while the home appliance segment sees growth from AI, IoT, and smart home technologies [11] - New energy business focuses on energy storage and new energy vehicles, with a "1 charge, 1 core, 1 cloud, 3S" strategy [11] Valuation - The company is trading at 17x 2024E PE and 1.8x 2024E PB, with an EV/EBITDA of 14x for 2024E [4][15] - EPS is expected to grow from 0.60 yuan in 2024E to 0.89 yuan in 2026E [4][15]