Aupu(603551) 国海证券·2024-08-24 08:30Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2][6]. Core Insights - The company has maintained stable revenue growth with a focus on optimizing its product matrix, achieving a revenue of 862 million yuan in H1 2024, a year-on-year increase of 0.03%, and a net profit attributable to shareholders of 123 million yuan, a year-on-year decrease of 4.43% [3][4]. - The company is positioned as a leader in the bathroom heater and integrated ceiling market, with a strong market share in key categories, and is expanding into the low-penetration smart home market [6][9]. - The company continues to enhance its product offerings to meet changing market demands, with electrical products generating 663 million yuan in revenue, accounting for 76.91% of total revenue, and a gross margin of 53.24% [4][6]. Summary by Sections Financial Performance - In H1 2024, the company reported a revenue of 862 million yuan, with a net profit of 123 million yuan and a non-recurring net profit of 113 million yuan, reflecting a decrease of 4.43% and 8.63% year-on-year, respectively [3][4]. - The Q2 2024 results showed a revenue of 481 million yuan, a year-on-year decrease of 6.71%, and a net profit of 71 million yuan, down 12.71% year-on-year [3]. Market Position and Strategy - The company adopts a dual development path of "appliances + home," focusing on both home appliances and home products, which has helped maintain revenue stability amid changing consumer preferences [4]. - The company is actively optimizing its product matrix and enhancing product iterations to align with market demand, which has effectively broadened its product categories and strengthened its market position [4][6]. Future Projections - The company is expected to achieve revenues of 2.029 billion yuan, 2.110 billion yuan, and 2.194 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding net profits of 314 million yuan, 328 million yuan, and 341 million yuan [6][7]. - The projected P/E ratios for the next three years are 13, 12, and 12 times, indicating a stable valuation outlook [6][9].