POCO(SZ:300811) Tebon Securities·2024-08-27 06:14Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company has reported rapid revenue growth, with a 36.88% year-on-year increase in revenue to 796 million yuan in the first half of 2024, and a 38.18% increase in net profit to 185 million yuan [2][3] - The revenue from inductive components has seen a significant quarter-on-quarter growth of 138.92%, contributing to 24.5% of total revenue [3] - The company continues to receive recognition from major semiconductor manufacturers for its chip inductors and has entered the supplier lists of several global firms [3] - The company is investing heavily in R&D for new products, including inductors suitable for AI server power circuits, which have begun small-scale production [3] - The sales revenue from metal soft magnetic powder cores has grown steadily, with a 7.03% year-on-year increase to 586 million yuan in the first half of 2024 [3] Financial Summary - The company’s projected revenues for 2024, 2025, and 2026 are 1.793 billion yuan, 2.324 billion yuan, and 2.900 billion yuan respectively, with corresponding net profits of 406 million yuan, 529 million yuan, and 655 million yuan [3][7] - The average annual compound growth rate of net profit from 2023 to 2026 is expected to be 36.83% [3] - The company’s price-to-earnings ratios for 2024, 2025, and 2026 are projected to be 18.89, 14.50, and 11.71 respectively [3][7]