EDIFIER(SZ:002351) Tai Ping Yang·2024-08-23 02:41Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [3][8]. Core Insights - The company achieved a revenue of 1.38 billion yuan in H1 2024, representing a year-on-year growth of 16.05%, and a net profit of 220 million yuan, up 26.24% [1]. - In Q2 2024, the company reported a revenue of 701 million yuan, an increase of 8.47%, and a net profit of 111 million yuan, reflecting a growth of 12.88% [1]. - The gross margin for Q2 2024 reached 42.36%, a year-on-year increase of 4.68 percentage points, attributed to lower raw material costs and product structure optimization [1][3]. - The company is expected to benefit from the growth opportunities in the AI-enabled headphone market and the expansion of the OWS headphone industry [3]. Financial Summary - For 2024, the company is projected to generate a revenue of 3.105 billion yuan, with a growth rate of 15.27% [4]. - The net profit for 2024 is estimated at 501 million yuan, reflecting a growth rate of 19.52% [4]. - The earnings per share (EPS) for 2024 is forecasted to be 0.56 yuan, with a corresponding price-to-earnings (PE) ratio of 18.60 [4]. Product and Market Development - The company has expanded its product matrix with new OWS headphone models and multimedia speakers, enhancing its market presence [1][3]. - The domestic sales strategy includes a regional exclusive distributor model, while online sales through major e-commerce platforms are leading in market share [1][3]. - Internationally, the company is rapidly expanding its presence on platforms like Amazon and Lazada [1].