MAYAIR(688376) 国海证券·2024-08-21 16:30Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5] Core Insights - The company reported significant growth in Q2 2024, with a revenue of 484 million yuan, representing a year-on-year increase of 25.98% and a quarter-on-quarter increase of 77.03%. The net profit attributable to shareholders reached 57 million yuan, up 32.39% year-on-year and 62.44% quarter-on-quarter [3] - The overseas revenue proportion increased to 18.50%, up 7.17 percentage points from the previous year, indicating the company's active expansion into international markets [3] - The gross margin improved significantly, with a gross margin of 29.60% in H1 2024, an increase of 1.92 percentage points year-on-year [3] Financial Performance Summary - For H1 2024, the company achieved a total revenue of 757 million yuan, a year-on-year growth of 16.17%, and a net profit of 93 million yuan, up 20.64% year-on-year [2] - The company’s revenue projections for 2024-2026 are 1.871 billion yuan, 2.294 billion yuan, and 2.753 billion yuan, respectively, with corresponding net profits of 230 million yuan, 288 million yuan, and 359 million yuan [6][7] - The current price of the stock is 25.98 yuan, with a market capitalization of approximately 3.49 billion yuan [3][7]