Kewell(SH:688551) Huafu Securities·2024-08-27 10:16Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark within the next six months [12]. Core Views - The company reported a revenue of 254 million yuan for the first half of 2024, a year-on-year increase of 15.5%, while the net profit attributable to the parent company was 42 million yuan, a decrease of 16.6% [1]. - The revenue for the second quarter of 2024 was 143 million yuan, reflecting a year-on-year growth of 16.46%, but the net profit decreased by 16.2% to 24 million yuan [1]. - The company is expected to benefit from the growth in the hydrogen energy sector and the expansion of small power product channels, with projected revenues of 670 million yuan, 900 million yuan, and 1.23 billion yuan for 2024, 2025, and 2026 respectively [2]. Summary by Sections Revenue and Profitability - The testing power segment generated 199 million yuan in revenue, up 20.3% year-on-year, primarily driven by demand from the electric vehicle and energy storage sectors [1]. - The hydrogen energy segment saw a revenue increase of 18.2% to 46 million yuan, supported by the launch of a series of electrolyzer testing systems [1]. - The power semiconductor segment experienced a significant decline in revenue, down 48.3% to 8 million yuan, due to intensified competition and inventory destocking [1]. - The gross margin for the first half of 2024 was 50.4%, down 4.9 percentage points year-on-year, while the net margin was 16.2%, down 6.3 percentage points [1]. Competitive Advantage - The company is focusing on horizontal expansion and vertical integration to build a platform-based technological barrier, with plans to enter semiconductor equipment, automotive electronics, and medical fields [1]. - The introduction of new product lines, such as the A2000 series and G6000 series, is aimed at broadening customer coverage and enhancing testing capabilities [1]. Financial Forecast - The company is projected to achieve net profits of 120 million yuan, 160 million yuan, and 220 million yuan for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings ratios of 17.0, 12.8, and 9.5 [2].