Beijing Relpow Technology (300593) 中邮证券·2024-08-23 07:42Investment Rating - The report maintains a "Buy" rating for the company [2][3] Core Views - The company experienced a significant decline in revenue and profit in the first half of 2024, with revenue dropping by 45% year-on-year to 489 million yuan and a net loss of 68 million yuan, a 136% decrease compared to the previous year [3] - The decline in revenue is attributed to insufficient market demand, with domestic revenue falling from 733 million yuan to 445 million yuan and international revenue decreasing from 155 million yuan to 44 million yuan [3] - The company increased its R&D expenses by 26% to 192 million yuan, focusing on expanding its product offerings in integrated circuits, electric drives, and data centers, resulting in a high R&D expense ratio of 39% in H1 2024 [3] - Future growth is expected from new products such as high-reliability integrated circuit micro-modules, motor drives, and server power supplies [3] - The projected net profits for 2024-2026 are estimated at 36 million yuan, 176 million yuan, and 312 million yuan, reflecting year-on-year growth rates of -63.09%, 391.92%, and 77.45% respectively, with corresponding P/E ratios of 140.40, 28.54, and 16.08 [3] Financial Summary - In 2023, the company reported total revenue of 1.467 billion yuan, with a projected decline to 1.169 billion yuan in 2024, followed by a recovery to 1.464 billion yuan in 2025 and 1.742 billion yuan in 2026 [5] - The company's net profit is expected to decrease significantly in 2024 to 35.74 million yuan, before rebounding to 175.82 million yuan in 2025 and 311.99 million yuan in 2026 [5] - The company's asset-liability ratio is currently at 30.0%, with a projected decrease to 28.1% in 2024 [5]