Dongguan Aohai Technology (002993) 国投证券·2024-08-20 23:30Investment Rating - The report maintains a "Buy-A" rating for Aohai Technology with a 6-month target price of 36.00 CNY [4][7] Core Views - Aohai Technology achieved revenue of 2.96 billion CNY in H1 2024, a YoY increase of 46.84%, with net profit attributable to shareholders of 233 million CNY, up 8.46% YoY [2] - Q2 2024 revenue reached 1.598 billion CNY, a YoY increase of 43.42%, but net profit attributable to shareholders declined by 12.22% YoY to 111 million CNY [2] - The company's global expansion strategy is progressing, with the establishment of its sixth smart manufacturing base in Vietnam, focusing on power electronics R&D and production [3] - Aohai Technology's gross margin for export products is 28.41%, significantly higher than the 16.73% gross margin for domestic sales [3] Business Performance - In H1 2024, charger and adapter products contributed 2.341 billion CNY in revenue, accounting for 79.08% of total revenue, with a YoY growth of 57.07% [2] - Energy storage and other products generated 462 million CNY in revenue, a YoY increase of 44.42%, while new energy vehicle electronic control products and solutions saw a 23.49% YoY decline to 157 million CNY [2] Competitive Advantages - The company has achieved breakthroughs in energy-efficient application technologies, expanding from consumer electronics power technology to system integration and integrated photovoltaic-storage-charging solutions [4] - Aohai Technology operates six global smart manufacturing bases, with advanced automation and digital management systems, enabling rapid response to international customer demands [4] - The company has established deep partnerships with global AI, IoT, and new energy vehicle brands, with products exported to over 200 countries and regions [4][6] - Aohai Technology has obtained more than 2,500 certifications globally, enhancing its competitive position in the international market [6] Financial Projections - Revenue is expected to reach 6.623 billion CNY in 2024, 7.858 billion CNY in 2025, and 9.253 billion CNY in 2026 [7] - Net profit attributable to shareholders is projected to be 552 million CNY in 2024, 745 million CNY in 2025, and 910 million CNY in 2026 [7] - The company's PE ratio is forecasted to be 14.4x in 2024, 10.7x in 2025, and 8.7x in 2026 [8] Operational Efficiency - The company's ROE is expected to improve from 9.6% in 2022 to 14.6% in 2026, while ROIC is projected to increase from 68.5% in 2022 to 73.8% in 2026 [8] - Aohai Technology's asset turnover days are forecasted to decrease from 488 days in 2022 to 416 days in 2026, indicating improved operational efficiency [10]