EASTSOFT(SZ:300183) Soochow Securities·2024-08-19 04:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 557 million yuan for H1 2024, representing a year-on-year growth of 35.76%, and a net profit attributable to shareholders of 57 million yuan, up 22.89% year-on-year, exceeding market expectations [1][2] - The low-voltage power line carrier communication products saw a 31.53% increase in revenue, contributing significantly to the overall performance, with expectations for expansion in the energy internet sector [2] - The integrated circuit products experienced a remarkable growth of 90.34% in revenue, benefiting from the recovery in the global consumer electronics market [2] - The forecast for net profit attributable to shareholders has been adjusted downwards for 2024-2025 due to high inventory levels in the consumer electronics sector, with expected profits of 80 million yuan and 110 million yuan respectively, but a recovery is anticipated in 2026 with a projected profit of 154 million yuan [2] Summary by Sections Financial Performance - Total revenue for 2022 was 935.88 million yuan, with a projected increase to 1,247.54 million yuan in 2024, reflecting a growth rate of 26.55% [1] - Net profit attributable to shareholders was 163.26 million yuan in 2022, with a forecast of 79.94 million yuan for 2024, indicating a year-on-year growth of 30.84% [1] - The latest diluted EPS is expected to rise from 0.13 yuan in 2023 to 0.17 yuan in 2024 [1] Business Segments - Low-voltage power line carrier communication products accounted for 72.81% of total revenue in H1 2024, with a gross margin of 46.93% [2] - Integrated circuit products contributed 22.68% to total revenue in H1 2024, with a gross margin of 15.45%, despite a decline of 18.78 percentage points year-on-year [2] Market Data - The closing price of the stock is 12.72 yuan, with a market capitalization of 5,884.39 million yuan [4] - The price-to-earnings ratio (P/E) is projected to decrease from 96.39 in 2023 to 38.31 in 2026 [9]