微光股份：24H1业绩改善，空心杯电机等业务拓展顺利

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 22.05 CNY over the next six months [1][6]. Core Insights - The company reported a revenue of 680 million CNY for the first half of 2024, reflecting a year-on-year increase of 4.8%. However, the net profit attributable to the parent company was 150 million CNY, down 4.0% year-on-year [1]. - In Q2 2024, the company achieved a revenue of 370 million CNY, up 5.0% year-on-year and 16.2% quarter-on-quarter, with a net profit of 80 million CNY, down 4.1% year-on-year but up 12.7% quarter-on-quarter [1]. - Domestic sales revenue grew by 11.0% year-on-year, reaching 320 million CNY, which now accounts for 47.6% of total revenue, an increase of 2.6 percentage points [1][2]. - The overall gross margin for H1 2024 was 32.7%, a slight decrease of 0.44 percentage points year-on-year, primarily due to a decline in the proportion of higher-margin overseas business [2]. Summary by Sections Financial Performance - The company’s revenue for H1 2024 was 680 million CNY, with a net profit of 150 million CNY. Q2 2024 revenue was 370 million CNY, with a net profit of 80 million CNY [1]. - The gross margin for H1 2024 was 32.7%, with a net profit margin of 22.7% [2]. Business Development - The company is expanding its product offerings, including the successful development of new products in the energy storage and automation sectors. The external rotor fan business generated 330 million CNY in revenue, up 12.3% year-on-year [2][5]. - The company is focusing on the robotics industry, increasing investment in drive systems and controllers, which is expected to yield benefits in the future [2][5]. Profit Forecast and Valuation - The company is projected to achieve net profits of 340 million CNY, 400 million CNY, and 470 million CNY for 2024, 2025, and 2026, respectively, with a compound annual growth rate of 57% [6]. - The report suggests a target PE of 15x for 2024, leading to a target price of 22.05 CNY [6].