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欧圣电气：下游持续补库，营收维持高增
ALTON ELECTRICALALTON ELECTRICAL(SZ:301187) SINOLINK SECURITIES·2024-08-16 06:42

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [2][7]. Core Insights - The company reported a revenue of 740 million RMB for the first half of 2024, representing a year-on-year growth of 55.2%, with a net profit attributable to shareholders of 97.1 million RMB, up 46.9% year-on-year [1]. - In Q2 2024, the company achieved a revenue of 410 million RMB, a significant increase of 77.5% year-on-year, and a net profit of 54.3 million RMB, growing by 15.0% year-on-year [1]. - The growth is attributed to continuous inventory replenishment by North American retailers and the ramp-up of new air compressor products, leading to an increase in market share [1]. - The gross margin improved by 4.6 percentage points year-on-year to 33.3% in Q2 2024, primarily due to an upgraded product mix [1]. - The company is projected to achieve net profits of 230 million RMB, 290 million RMB, and 360 million RMB for 2024, 2025, and 2026 respectively, with growth rates of 33.0%, 24.1%, and 26.0% [2]. Summary by Sections Performance Review - The company reported a revenue of 740 million RMB in H1 2024, a 55.2% increase year-on-year, and a net profit of 97.1 million RMB, up 46.9% year-on-year [1]. - Q2 2024 revenue reached 410 million RMB, a 77.5% increase year-on-year, with a net profit of 54.3 million RMB, a 15.0% increase year-on-year [1]. Operational Analysis - The revenue growth is driven by North American retailers' inventory replenishment and the introduction of new air compressor products, which have increased market share [1]. - The gross margin for Q2 2024 improved to 33.3%, reflecting a better product mix [1]. Profit Forecast and Valuation - The company is expected to achieve net profits of 230 million RMB, 290 million RMB, and 360 million RMB for 2024, 2025, and 2026, with respective growth rates of 33.0%, 24.1%, and 26.0% [2]. - The current price-to-earnings (PE) ratios are projected at 14.4, 11.6, and 9.2 for 2024, 2025, and 2026 respectively [2].