Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2][3]. Core Views - The company's net profit for the first half of 2024 increased by 47.9%, driven by the growth in smart home product sales, which improved the gross margin structure [2][4]. - Revenue for the first half of 2024 reached 115 million yuan, a slight increase of 0.65%, while the net profit attributable to the parent company was 23.75 million yuan [3][4]. - The gross margin and net margin for the company were 51.90% and 20.67%, respectively, with the gross margin increasing by 5.75 percentage points year-on-year [3][4]. Financial Performance Summary - In H1 2024, the smart home segment generated revenue of 78.30 million yuan, marking a growth of 34% due to the successful mass sales of previously developed customized projects [4]. - The company has maintained a significant investment in R&D, with a research expense ratio of 12.81%, amounting to 14.72 million yuan in H1 2024, which is a 2.74% increase year-on-year [4]. - The company has developed 31 KNX security products, achieving international leadership in this area, and its laboratory has become a dual certification center for KNX and CNAS [4]. Earnings Forecast - The forecasted net profits for the company from 2024 to 2026 are 39 million yuan, 53 million yuan, and 67 million yuan, respectively, with corresponding EPS of 0.55 yuan, 0.74 yuan, and 0.94 yuan [3][4]. - The current stock price corresponds to P/E ratios of 15.8, 11.6, and 9.2 for the years 2024, 2025, and 2026, respectively [3][4].
视声智能：北交所信息更新：智能家居带动毛利增长优化结构，2024H1净利润+47.9%