SOLEX(603992) 国投证券·2024-08-22 09:09Investment Rating - The investment rating for the company is "Buy - A" with a target price of 26.50 CNY [4][7]. Core Views - The company reported a revenue of 1.448 billion CNY for H1 2024, representing a year-on-year growth of 3.77%. The net profit attributable to shareholders was 221 million CNY, showing a significant increase of 83.69% year-on-year [1]. - The company plans to distribute a cash dividend of 0.27 CNY per share, resulting in a payout ratio of 49.79% for H1 2024 [1]. - The overseas market revenue showed steady growth, with foreign income reaching 1.063 billion CNY, up 15.51% year-on-year, while domestic revenue faced challenges, declining by 18.98% to 385 million CNY [2]. - The gross profit margin for H1 2024 was 35.34%, an increase of 1.02 percentage points year-on-year, while the net profit margin improved to 15.28%, up 5.54 percentage points year-on-year [3]. Financial Performance Summary - For H1 2024, the company achieved a gross profit margin of 35.34%, with a net profit margin of 15.28% [3]. - The company’s revenue projections for 2024-2026 are 3.252 billion CNY, 3.863 billion CNY, and 4.462 billion CNY, respectively, with corresponding net profits of 458 million CNY, 549 million CNY, and 635 million CNY [7][8]. - The company’s PE ratios for 2024, 2025, and 2026 are projected to be 14.7x, 12.2x, and 10.6x, respectively [7][8].