富佳股份：基本盘稳健，储能待放量

Investment Rating - The report maintains a "Buy" rating for the company, with a target price set at 14.69 CNY per share, indicating a potential upside based on expected performance over the next six months [4]. Core Views - The company has shown stable growth in its core clean appliance business, with a revenue increase of 7.6% year-on-year, accounting for 87.2% of total revenue. The newly developed carpet cleaning machine is expected to be a new growth driver [1][2]. - The energy storage business has faced a significant decline in revenue, down 71.17% year-on-year, attributed to seasonal fluctuations in project order releases. However, other income sources, including commercial beauty devices, have seen an 18.61% increase, indicating diversification in revenue streams [1][2]. - The gross margin slightly increased to 19.75%, while the net margin decreased to 10.40%. The gross margin for the clean appliance segment was 16.36%, reflecting a minor decline due to fluctuations in raw material prices [1][2]. Financial Summary - For H1 2024, the company reported a revenue of 1.019 billion CNY, a year-on-year increase of 4.32%, and a net profit of 107 million CNY, a slight decrease of 0.35%. In Q2 2024, revenue reached 593 million CNY, up 6.12%, but net profit fell by 29.57% to 58 million CNY [1]. - The company’s revenue projections for 2024-2026 are estimated at 3.182 billion CNY, 3.659 billion CNY, and 4.118 billion CNY, respectively, with growth rates of 18.15%, 15.01%, and 12.53% [3][7]. - The projected net profit for 2024-2026 is 302 million CNY, 349 million CNY, and 393 million CNY, with corresponding P/E ratios of 27.29x, 23.65x, and 21.01x [3][7]. Business Segments - The clean appliance segment is expected to continue its growth trajectory, supported by the resolution of overseas inventory issues and the introduction of new products like the cleaning machine and commercial beauty devices [2][4]. - The energy storage segment is anticipated to ramp up gradually, although current performance has been impacted by order release timing [2][4]. Market Position - The company holds a strong position in the clean appliance market, with a focus on quality and innovation, which is expected to enhance its competitive edge as it diversifies its product offerings [2][4].