Dongguan Aohai Technology (002993) 开源证券·2024-08-22 06:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4][13] Core Views - The company achieved stable revenue growth in H1 2024, driven by mobile phones and servers, with revenue reaching 2.961 billion yuan, a year-on-year increase of 46.84% [4] - The company expects continued growth in mobile charger demand, supported by the recovery in downstream demand and the increasing penetration of fast charging technology [6] - Despite a competitive market, the company maintains a positive outlook for future growth, with adjusted net profit forecasts for 2024-2026 being 501 million, 705 million, and 930 million yuan respectively [4][5] Financial Performance Summary - H1 2024 revenue: 2.961 billion yuan, up 46.84% YoY; net profit: 233 million yuan, up 8.46% YoY; gross margin: 20.73%, down 2.53 percentage points YoY [4] - Q2 2024 revenue: 1.598 billion yuan, up 43.42% YoY; net profit: 111 million yuan, down 12.22% YoY; gross margin: 19.58%, down 2.81 percentage points YoY [4] - Revenue breakdown for H1 2024: chargers and adapters contributed 2.341 billion yuan (79.08% of revenue), energy storage and others contributed 462 million yuan (15.60%), and electric control products for new energy vehicles contributed 157 million yuan (5.32%) [5] Growth Drivers - The company is expected to benefit from the recovery in mobile phone demand and the production ramp-up of server power supplies, with a focus on fast charging technology [6] - The company has increased R&D investment to approximately 187 million yuan in H1 2024, a year-on-year increase of 50.83% [5] - The company’s production capacity for fast charging power supplies is gradually being released, indicating strong future growth potential [6]