Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [3]. Core Insights - The company, 欧圣电气, reported impressive revenue growth in H1 2024, achieving revenue of 739 million yuan, a year-on-year increase of 55%, and a net profit of 97 million yuan, up 47% year-on-year [2][3]. - The company's high-margin business model is experiencing rapid growth, with brand licensing expected to grow by 30-40% and ODM mode showing even higher growth rates [2]. - The company has established stable relationships with major retailers in the U.S. and has a strong presence in the North American market, although it is also expanding into Europe and Latin America [2][3]. Financial Data and Profit Forecast - The company is projected to achieve total revenue of 1.661 billion yuan in 2024, with a year-on-year growth rate of 36.6% [4]. - The net profit forecast for 2024 is 241 million yuan, representing a 37.7% increase compared to the previous year [4]. - The gross margin is expected to improve to 38% in 2024, driven by a shift towards higher-end products [4].
欧圣电气：2024年中报点评：收入业绩亮眼，大客户订单增长顺利