DAHAO TECHNOLOGY(SH:603025) KAIYUAN SECURITIES·2024-08-27 03:43Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown significant growth in performance, with a 40.02% year-on-year increase in revenue for the first half of 2024, reaching 1.309 billion yuan, and a 76.83% increase in net profit, amounting to 321 million yuan [4] - The company is a leader in the electric control field for sewing and knitting equipment, benefiting from strong domestic demand and export growth, with expectations for continued high growth in net profit for 2024-2026 [3][4] - The company is actively expanding its overseas market presence, particularly in Asia and emerging markets, which is expected to enhance its revenue in the second half of the year [6] Financial Performance Summary - Revenue for 2024 is projected to be 2.692 billion yuan, with a year-on-year growth of 32.4%, and net profit is expected to reach 649 million yuan, reflecting a 60% increase [7] - The gross margin improved by 3.13 percentage points to 42.34% due to the strong sales of high-end products [5] - The company's earnings per share (EPS) for 2024 is estimated at 0.58 yuan, with corresponding price-to-earnings (P/E) ratios of 19.3, 14.9, and 12.2 for the years 2024, 2025, and 2026 respectively [3][7]