Guangzhou Wahlap Technology (301011) 国盛证券·2024-08-29 00:23Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2024, with total revenue reaching 462 million yuan, a year-on-year growth of 27.85%, and a net profit of 36.0034 million yuan, up 106.02% [1]. - The sales revenue from amusement equipment saw a remarkable growth of 55.58% year-on-year, contributing to 52.94% of total revenue, while the gross margin for this segment was 25.89%, a decrease of 3.95 percentage points [1]. - The anime IP derivative products segment also performed well, with revenue of 145 million yuan, a year-on-year increase of 22.99%, and a gross margin of 43.61%, up 3.77 percentage points [1]. - The company is expanding its overseas business, which grew by 16.53% year-on-year to 59.3583 million yuan, accounting for 12.85% of total revenue [1]. Financial Performance Summary - For 2024, the company is projected to achieve revenues of 1.02 billion yuan, 1.163 billion yuan, and 1.291 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 25.0%, 14.0%, and 11.0% [2]. - The net profit forecast for the same period is 82.59 million yuan, 97.39 million yuan, and 109.77 million yuan, reflecting growth rates of 59.0%, 17.9%, and 12.7% [2]. - The company’s P/E ratios are projected to be 27x, 22x, and 20x for the years 2024, 2025, and 2026 respectively [2]. Business Segment Analysis - The amusement park operation segment generated revenue of 52.5113 million yuan in the first half of 2024, a slight decline of 0.78% year-on-year, but the gross margin improved to 6.23% [2]. - The company is exploring differentiated operational services for amusement parks to enhance efficiency and profitability [2].