SIEYUAN(SZ:002028) Haitong Securities·2024-08-23 00:07Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][9]. Core Views - The report highlights continuous improvement in gross margin and sustained growth in overseas orders, with a significant increase in revenue and net profit for the first half of 2024 [6][9]. - The company achieved a revenue of 6.166 billion yuan in the first half of 2024, representing a year-on-year increase of 16.27%, while the net profit attributable to the parent company grew by 26.64% to 888 million yuan [6][9]. - The overseas market revenue reached 1.515 billion yuan, a year-on-year increase of 40%, contributing to 25% of total revenue [9]. Summary by Sections Financial Performance - In the first half of 2024, the company reported a comprehensive gross margin of 31.75%, an increase of 2.69 percentage points year-on-year [6]. - The second quarter of 2024 saw a revenue of 3.509 billion yuan, a 12.05% increase year-on-year, with a net profit of 524 million yuan, up 8.66% [6][10]. - The company’s operating efficiency improved, with a gross margin increase attributed to enhanced product competitiveness [7]. Revenue Breakdown - Revenue from various segments in the first half of 2024 includes: - Switches: 2.886 billion yuan, up 9.78%, with a gross margin of 35.22% - Coils: 1.674 billion yuan, up 50.48%, with a gross margin of 33.68% - Smart devices: 470 million yuan, up 35.25%, with a gross margin of 31.62% [7]. Future Projections - The company forecasts net profits of 2.004 billion yuan, 2.509 billion yuan, and 3.144 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 2.59 yuan, 3.24 yuan, and 4.06 yuan [9][13]. - The projected revenue for 2024 is 15.164 billion yuan, reflecting a year-on-year growth of 21.7% [8][13]. Valuation - The report suggests a reasonable price range for the company's stock between 64.75 yuan and 77.70 yuan based on a PE ratio of 25-30x for 2024 [9].