WOER(002130) 华鑫证券·2024-08-20 08:00Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The company has achieved rapid profit growth, driven by the increasing demand for high-speed communication cables, with a significant rise in both revenue and net profit in the first half of 2024 [1][2]. - The company reported a revenue of 3.095 billion yuan and a net profit of 419 million yuan for H1 2024, representing year-on-year increases of 22.16% and 43.04%, respectively [1]. - The gross margin and net margin for H1 2024 were 33.23% and 14.53%, showing improvements compared to the previous year [1]. Summary by Sections Performance Overview - In Q2 2024, the company achieved a revenue of 1.706 billion yuan and a net profit of 235 million yuan, with year-on-year growth of 22.61% and 24.24% [1]. - The company’s electronic products segment generated 1.203 billion yuan in revenue for H1 2024, up 16.85% year-on-year, with a gross margin of 40.61% [2]. - The power products segment reported revenue of 619 million yuan, a 17.76% increase year-on-year, with a gross margin of 40.67% [2]. - The wire products segment saw a revenue increase of 38.27% year-on-year, reaching 767 million yuan, with a gross margin of 15.09% [2]. R&D and Market Expansion - The company is deepening its R&D efforts, particularly in high-speed communication cables, with significant orders from major clients [4]. - The company has developed new products, including PCIe 6.0 and various high-speed communication cables, which are currently in trial production [4]. Financial Forecast - The company is projected to achieve revenues of 7.019 billion yuan, 9.026 billion yuan, and 12.061 billion yuan for 2024, 2025, and 2026, respectively, with corresponding EPS of 0.77 yuan, 0.95 yuan, and 1.22 yuan [5][8]. - The current stock price corresponds to a PE ratio of 18.9 for 2024, 15.3 for 2025, and 11.9 for 2026, supporting the "Buy" investment rating [5].