Furja(SH:603219) KAIYUAN SECURITIES·2024-08-28 15:30Investment Rating - Investment rating: Buy (maintained) as of August 28, 2024 [1] Core Views - The company continues to experience high growth in overseas sales, while exchange rate fluctuations have impacted performance. The report maintains a "Buy" rating due to the positive outlook on the energy storage business gradually entering a harvest period [1][2] Financial Performance Summary - In H1 2024, the company achieved revenue of 1.02 billion (10.2 hundred million) yuan, a year-on-year increase of 4.3%, and a net profit attributable to shareholders of 110 million yuan, a decrease of 0.4% [1] - The company’s revenue for Q2 2024 was 590 million yuan, reflecting a year-on-year increase of 6.1%, while the net profit attributable to shareholders was 60 million yuan, down 29.6% [1] - The gross margin for H1 2024 was 19.8%, an increase of 1.4 percentage points year-on-year [2] - The company’s overseas revenue reached 800 million yuan in H1 2024, up 12.7%, while domestic market revenue was 210 million yuan, down 18.5% [2] Segment Performance - Wireless vacuum cleaner revenue was 550 million yuan (+6.0%), wired vacuum cleaner revenue was 310 million yuan (+24.6%), and accessories and other revenue was 100 million yuan (+34.8%). However, smart robotic vacuum revenue decreased significantly by 53.6% to 20 million yuan, and energy storage product revenue fell by 71.2% to 20 million yuan [2] Future Earnings Forecast - The company forecasts net profits attributable to shareholders for 2024, 2025, and 2026 to be 298 million, 347 million, and 389 million yuan respectively, with corresponding EPS of 0.53, 0.62, and 0.69 yuan [1][3]