爱科赛博：公司信息更新报告：营收稳定增长，多因素影响短期利润

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown stable revenue growth, with a year-on-year increase of 28.2% in the first half of 2024, achieving a revenue of 399 million yuan. However, the net profit attributable to shareholders decreased by 40.1% year-on-year to 33 million yuan due to multiple factors [3][4] - The company's gross margin and net margin for the first half of 2024 were 41.7% and 8.2%, respectively, reflecting a decline of 5.9 and 9.0 percentage points year-on-year [3] - The company is positioned as a leading supplier of testing power sources in the new energy sector, with significant clients including major Chinese enterprises in the photovoltaic inverter market [3][4] Revenue and Profitability - In Q2 2024, the company achieved a revenue of 262 million yuan, representing a year-on-year increase of 20.7% and a quarter-on-quarter increase of 92.1%. The net profit for Q2 was 27 million yuan, with a quarter-on-quarter increase of 409.4% but a year-on-year decrease of 31.9% [3] - The testing power business generated a revenue of 255 million yuan in the first half of 2024, up 29.0% year-on-year, but the gross margin fell to 43.2%, down 12.9 percentage points year-on-year due to intensified industry competition [3][4] Financial Forecasts - The company is expected to achieve revenues of 1.14 billion yuan, 1.64 billion yuan, and 2.32 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 38.2%, 43.8%, and 41.4% [4][5] - The forecasted net profit attributable to shareholders for 2024, 2025, and 2026 is 143 million yuan, 209 million yuan, and 280 million yuan, respectively, with corresponding year-on-year growth rates of 3.1%, 46.2%, and 34.1% [4][5] Market Position and Strategy - The company is actively expanding into the general testing power sector, which currently has a low domestic replacement rate, leveraging advantages in pricing, service, and response speed to compete against foreign brands [3] - The company has a rich reserve of special power products, particularly in the semiconductor and semi-semiconductor process power sectors, with new technology solutions being developed for RF power products [3][4]