MAYAIR(SH:688376) Huafu Securities·2024-08-20 09:37Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark within the next six months [13]. Core Insights - The company reported a revenue of 757 million yuan for the first half of 2024, representing a year-on-year increase of 16.17%, with a net profit of 93 million yuan, up 20.64% year-on-year [1]. - The second quarter of 2024 saw a revenue of 484 million yuan, reflecting a 25.98% year-on-year growth, and a net profit of 57 million yuan, which is a 32.39% increase year-on-year [1]. - The company's gross margin improved to 29.60% in the first half of 2024, an increase of 1.92 percentage points year-on-year, with a gross margin of 29.13% in Q2 2024, up 2.78 percentage points year-on-year [1]. - The company has significantly increased its overseas revenue, which reached 140 million yuan in the first half of 2024, a remarkable growth of 85.76% year-on-year, accounting for 18.50% of total revenue [1]. - The company is actively expanding into downstream application areas and has received recognition from leading global semiconductor companies for its energy-saving and noise-reduction technologies [1]. Financial Summary - The company is projected to achieve revenues of 1.901 billion yuan, 2.319 billion yuan, and 2.770 billion yuan for the years 2024, 2025, and 2026, respectively [2]. - The expected net profits for the same years are 227 million yuan, 285 million yuan, and 361 million yuan, with corresponding earnings per share (EPS) of 1.69, 2.12, and 2.68 yuan [2]. - The price-to-earnings (P/E) ratios are forecasted to be 15.3, 12.2, and 9.7 for 2024, 2025, and 2026, respectively [2]. Key Financial Ratios - The company's operating revenue growth rates are projected at 26.3% for 2024, 22.0% for 2025, and 19.5% for 2026 [11]. - The net profit growth rates are expected to be 31.3% for 2024, 25.4% for 2025, and 26.5% for 2026 [11]. - The return on equity (ROE) is anticipated to increase from 10.6% in 2023 to 15.1% by 2026 [11].