SIRIO(300791) 国盛证券·2024-08-12 14:23Investment Rating - The report maintains a "Buy" rating for the company, with a target net profit of 4.005 billion yuan for 2024 [2][4]. Core Views - The company reported a robust performance in the first half of 2024, achieving a revenue of 1.99 billion yuan, a year-on-year increase of 28.8%, and a net profit attributable to shareholders of 150 million yuan, up 52.7% year-on-year [1]. - The company's internal business and consolidated BF revenue reached 1.54 billion yuan and 450 million yuan, respectively, with year-on-year growth of 22.3% and 57.4% [1]. - The gross margin improved to 33.4% in Q2 2024, an increase of 2.4 percentage points year-on-year, driven by higher contributions from high-margin products [1]. - The company is expanding its global market share with seven production bases and five R&D centers established in China, Europe, and the United States, which is expected to sustain revenue growth [1]. Financial Summary - The company is projected to achieve a net profit of 393 million yuan in 2024, with a year-on-year growth of 40.0%, and further growth to 486 million yuan and 576 million yuan in 2025 and 2026, respectively [2][3]. - Revenue is expected to grow from 4.326 billion yuan in 2024 to 4.987 billion yuan in 2025, and 5.572 billion yuan in 2026, reflecting growth rates of 20.8%, 15.3%, and 11.7% respectively [3]. - The company's P/E ratio is projected to decrease from 14.8x in 2024 to 10.1x in 2026, indicating an attractive valuation [3].