Investment Rating - The investment rating for the company is "Outperform" (Maintain) [1] Core Views - The company reported a revenue of 1.45 billion yuan in H1 2024, a decrease of 3.35% year-on-year, with a net profit attributable to shareholders of 12.87 million yuan, down 21.10% [3] - In Q2 2024, the revenue was 0.83 billion yuan, an increase of 7.75% compared to the previous quarter [3] - The report highlights the opportunities for business growth due to the implementation of large-scale equipment updates in the power distribution sector, as outlined in the "Energy Key Areas Large-Scale Equipment Update Implementation Plan" [3][4] - The company is increasing its sales and R&D investments, with a R&D expense ratio of 9.56% in H1 2024, up 1.29 percentage points year-on-year [5] Financial Summary - The total market capitalization of the company is 6.68 billion yuan, with a circulating market capitalization of 3.30 billion yuan [1] - The company's earnings per share (EPS) for 2024-2026 are projected to be 0.26, 0.29, and 0.32 yuan per share, respectively, with corresponding price-to-earnings (P/E) ratios of 15.9, 14.4, and 12.8 times [3] - The report forecasts a revenue growth of 14.1% in 2024, 17.8% in 2025, and 19.1% in 2026 [6]
雅达股份:北交所信息更新:输配电领域实施大规模设备更新,2024Q2营收0.83亿元(+7.75%)