SIRIO(300791) 招商证券·2024-08-12 02:10Investment Rating - The report maintains a "Strong Buy" rating for the company [4][3] Core Views - The company has shown strong export growth and confidence for the full year, with a significant increase in revenue and profit in Q2, achieving a year-on-year growth of 23.3% in revenue and 27.4% in profit [2][3] - The company has a solid order book for the second half of the year, indicating a positive outlook for performance [3][4] - Management's confidence is reflected in the planned share buyback by the Vice President, indicating strong belief in the company's future [3][4] Financial Data and Valuation - Total revenue for 2022 was 2507 million, projected to grow to 3582 million in 2023, and further to 4342 million in 2024, with year-on-year growth rates of 6%, 43%, and 21% respectively [10][11] - The company's gross profit margin improved to 33.4% in Q2 2024, up by 2.41 percentage points from the previous year [3] - The net profit for 2024 is projected to be 379 million, with an EPS of 1.61, and expected to grow to 510 million and 2.17 EPS by 2026 [4][11] - The company has a total market capitalization of 5.5 billion and a circulating market value of 4.6 billion [4]