Investment Rating - The investment rating for the company is "Outperform" (Maintain) [2] Core Insights - The company achieved a revenue of 184 million yuan (+78.43%) and a net profit attributable to the parent company of 31.85 million yuan (+158.25%) in H1 2024, driven by the "old-for-new" appliance policy and increased demand for server slide rails [4] - The forecast for net profit attributable to the parent company for 2024-2026 has been raised to 56 million yuan (previously 44 million), 63 million yuan (previously 51 million), and 71 million yuan (previously 60 million), respectively, with corresponding EPS of 1.23, 1.37, and 1.56 yuan per share [4] - The company is positioned to benefit from the accelerated replacement cycle of home appliances and the promising outlook for servers, which is expected to drive demand for mid-to-high-end slide rails [4] Financial Performance Summary - In H1 2024, the company reported a revenue of 184 million yuan, with a net profit of 31.85 million yuan, and a non-deducted net profit of 26.78 million yuan, reflecting significant growth rates of 78.43%, 158.25%, and 238.80% respectively [4] - The gross margin improved to 26.59%, an increase of 6.14 percentage points [4] - The company has become a qualified supplier for several leading server manufacturers, including Huawei and Inspur, through its advancements in server slide rail technology [5] Financial Projections - Revenue projections for 2024-2026 are set at 353 million yuan, 405 million yuan, and 475 million yuan, with year-over-year growth rates of 22.1%, 14.5%, and 17.4% respectively [6] - The net profit projections for the same period are 56 million yuan, 63 million yuan, and 71 million yuan, with corresponding year-over-year growth rates of 42.6%, 11.7%, and 14.0% [6] - The company's P/E ratios are projected to decrease from 15.3 in 2024 to 12.0 in 2026, indicating an attractive valuation trend [6]
海达尔：北交所信息更新：家电“以旧换新”+服务器滑轨放量，2024H1归母净利润+158.25%