BROADEX(300548) 民生证券·2024-08-17 11:00Investment Rating - The report maintains a "Recommended" rating for the company [3][5]. Core Views - The company reported a revenue of 752 million yuan for the first half of 2024, a year-on-year decrease of 20.50%, and a net profit attributable to shareholders of 13.775 million yuan, down 91.14% year-on-year [2]. - The telecommunications market is experiencing weak demand, leading to short-term pressure on performance, while the data communication, consumer, and industrial internet markets are showing high growth [2]. - The company has seen a significant increase in capacity, growing by 146.11% year-on-year, to meet the rising demand driven by new information technologies such as cloud computing and AI [2]. - The acquisition of Changxin Sheng enhances the company's capabilities in consumer and industrial internet applications, creating new growth points [3]. Financial Forecasts - The company is expected to achieve net profits of 175 million yuan, 262 million yuan, and 320 million yuan for the years 2024, 2025, and 2026, respectively [3][4]. - Revenue is projected to grow from 2.226 billion yuan in 2024 to 3.412 billion yuan in 2026, with growth rates of 32.8%, 27.7%, and 20.1% respectively [4][7]. - The company's PE ratio is expected to decrease from 29x in 2024 to 16x in 2026, indicating a potential increase in valuation as earnings grow [3][7]. Key Financial Metrics - The gross margin is projected to improve from 22.19% in 2024 to 24.05% in 2026, reflecting operational efficiency [7]. - The net profit margin is expected to rise from 7.86% in 2024 to 9.38% in 2026, indicating better profitability [7]. - The company's total assets are forecasted to grow from 4.197 billion yuan in 2024 to 5.512 billion yuan in 2026 [6].