SIEYUAN(SZ:002028) Guoxin Securities·2024-08-19 04:36Investment Rating - The investment rating for the company is "Outperform the Market" [5][18]. Core Views - The company achieved a revenue of 6.166 billion yuan in the first half of 2024, representing a year-on-year increase of 16.27%, and a net profit of 0.887 billion yuan, up 26.64% year-on-year [1][6]. - The second quarter of 2024 marked a historical high in performance, with revenue reaching 3.509 billion yuan, a year-on-year increase of 12.055% and a quarter-on-quarter increase of 32.03% [1][14]. - The company experienced significant growth in overseas revenue, which increased by 40% year-on-year, amounting to 1.515 billion yuan [1][14]. Summary by Relevant Sections Financial Performance - In the first half of 2024, the gross margin was 31.75%, an increase of 2.69 percentage points year-on-year, and the net margin was 14.54%, up 0.83 percentage points year-on-year [1][6]. - The second quarter's gross margin was 32.54%, reflecting a year-on-year increase of 1.51 percentage points and a quarter-on-quarter increase of 1.84 percentage points [1][14]. Revenue Breakdown - The revenue from switch products was 2.886 billion yuan, up 9.78% year-on-year, with a gross margin of 35.22% [1][14]. - Coil product revenue surged to 1.674 billion yuan, a 50.48% increase year-on-year, with a gross margin of 33.68% [1][14]. - Smart device revenue reached 470 million yuan, up 35.25% year-on-year, with a gross margin of 31.62% [1][14]. Profitability Forecast - The company has adjusted its profit forecast for 2024-2026, expecting net profits of 2.054 billion yuan, 2.579 billion yuan, and 3.140 billion yuan respectively, with corresponding P/E ratios of 25, 20, and 16 [2][14].