SIEYUAN(SZ:002028)2024-08-21 08:23Investment Rating - The report assigns a rating of "Accumulate" for the company [3]. Core Views - The company has shown continuous improvement in profitability, with significant growth in overseas revenue [2][4]. - The company is expected to achieve revenue of 151.6 billion, 177.6 billion, and 203.4 billion yuan for the years 2024 to 2026, with year-on-year growth rates of 21.7%, 17.1%, and 14.5% respectively [4][5]. - The net profit attributable to the parent company is projected to be 20.4 billion, 25.3 billion, and 30.5 billion yuan for the same period, with growth rates of 31.1%, 23.7%, and 20.8% respectively [4][5]. Summary by Sections Financial Performance - For the first half of 2024, the company achieved operating revenue of 6.166 billion yuan, a year-on-year increase of 16.27%, and a net profit of 0.887 billion yuan, up 26.64% year-on-year [2]. - In Q2 alone, the company reported operating revenue of 3.509 billion yuan, a year-on-year increase of 12.05%, and a net profit of 0.524 billion yuan, up 8.66% year-on-year [2]. - The gross profit margin for sales was 31.75%, an increase of 2.69 percentage points year-on-year, while the net profit margin was 4.54%, up 0.83 percentage points year-on-year [2]. Product Performance - The company’s coil products experienced rapid growth with a year-on-year increase of 50.48%, while the gross margin for switch products improved significantly to 35.22%, up 3.76 percentage points year-on-year [2]. Overseas Strategy - The company has maintained its overseas strategy, with overseas revenue reaching 1.515 billion yuan, a year-on-year increase of 40.04%, accounting for 25% of total revenue [2]. - The gross margin for overseas operations was 33.82%, an increase of 1.52 percentage points year-on-year [2]. Cost and Expenses - The report noted an increase in period expenses due to market expansion and option costs, with sales expense ratio at 4.75%, management expense ratio at 2.76%, R&D expense ratio at 7.21%, and financial expense ratio at 0.07% [2]. - The income tax expense for the period was 0.155 billion yuan, a year-on-year increase of 119.33% [2]. Inventory and Contract Liabilities - As of the end of the reporting period, inventory was 3.404 billion yuan, up 19% from the beginning of the year, and contract liabilities were 1.935 billion yuan, an increase of 30.47% [2].