SIEYUAN(002028) 民生证券·2024-08-19 07:00Investment Rating - The report maintains a "Recommended" rating for the company [2][3] Core Insights - The company's H1 2024 performance met expectations, with revenue of 6.166 billion yuan, a year-on-year increase of 16.27%, and a net profit attributable to shareholders of 0.887 billion yuan, up 26.64% year-on-year [1] - The company has shown steady improvement in profitability, with a gross margin of 31.75%, an increase of 2.69 percentage points year-on-year, and a net profit margin of 14.54%, up 0.83 percentage points year-on-year [1] - The company has a strong focus on R&D, with R&D expenses of 0.445 billion yuan in H1 2024, a year-on-year increase of 21.12%, and holds 869 authorized patents [2] Revenue and Profit Forecast - Projected revenues for 2024-2026 are 15.046 billion, 18.078 billion, and 21.615 billion yuan, with corresponding growth rates of 20.8%, 20.2%, and 19.6% [2][3] - Projected net profits for the same period are 2.055 billion, 2.549 billion, and 3.141 billion yuan, with growth rates of 31.8%, 24.1%, and 23.2% [2][3] Business Segmentation - Coil products generated revenue of 1.674 billion yuan in H1 2024, a significant increase of 50.48% year-on-year, accounting for 27.14% of total revenue [1] - The company achieved overseas revenue of 1.515 billion yuan in H1 2024, a year-on-year increase of 40.04%, representing 24.56% of total revenue [1]