Dongguan Aohai Technology (002993) 光大证券·2024-08-24 03:37Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company reported a revenue of 2.961 billion yuan in H1 2024, representing a year-on-year growth of 46.84%, while the net profit attributable to shareholders was 233 million yuan, up 8.46% year-on-year [1]. - In Q2 2024, the company achieved a revenue of 1.598 billion yuan, a year-on-year increase of 43.42% and a quarter-on-quarter increase of 17.2%. However, the net profit for the quarter was 111 million yuan, down 12.22% year-on-year and 9.81% quarter-on-quarter, with a gross margin of 19.58%, a decrease of 2.81 percentage points year-on-year [2]. - The growth in revenue is attributed to the recovery of consumer electronics orders and an increase in market share, while the decline in gross margin is due to intensified market competition and a higher proportion of lower-margin products like chargers and adapters [2]. - The global smartphone demand is recovering, driven by AI smartphones, with the company positioned as a leading ODM manufacturer of smartphone chargers, expected to benefit significantly from this trend [2]. - The company is expanding its energy-efficient products into other fields such as new energy vehicles and photovoltaic/storage, leveraging its advantages in smart manufacturing [2]. Summary by Sections Financial Performance - H1 2024 revenue: 2.961 billion yuan, up 46.84% YoY [1]. - Q2 2024 revenue: 1.598 billion yuan, up 43.42% YoY, down 9.81% QoQ [2]. - Q2 2024 net profit: 111 million yuan, down 12.22% YoY, down 9.81% QoQ [2]. - Gross margin in Q2 2024: 19.58%, down 2.81 percentage points YoY [2]. Market Outlook - Global smartphone shipments are recovering, with growth rates of 8.5%, 7.8%, and 6.5% in Q4 2023, Q1 2024, and Q2 2024 respectively [2]. - AI smartphones are projected to account for 19% of the market in 2024, driving demand for fast-charging products [2]. Profit Forecast and Valuation - The net profit forecasts for 2024 and 2025 have been adjusted to 549 million yuan and 714 million yuan, respectively, with a new forecast for 2026 at 862 million yuan [3]. - Current market valuation corresponds to a PE of 13X for 2024, 10X for 2025, and 8X for 2026 [3].