EAGLERISE(CHINA)(002922) 东吴证券·2024-08-29 06:43Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - In H1 2024, the company achieved a revenue of 2.05 billion yuan, a year-on-year increase of 30%, and a net profit attributable to shareholders of 180 million yuan, reflecting a 95% increase [2] - The gross margin for energy products significantly improved, with Q2 gross margin reaching 24.8%, up 3.8 percentage points year-on-year [2] - The company is experiencing high growth in its transformer and energy products, with expectations for continued strong performance in H2 2024 [2][3] - Non-energy business also exceeded expectations, with lighting product revenue growing by 35% in H1 2024 [3] - The company forecasts net profits of 400 million yuan, 560 million yuan, and 700 million yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 16, 11, and 9 [3] Financial Performance Summary - Total revenue for 2022 was 2.82 billion yuan, increasing to 3.63 billion yuan in 2023, and projected to reach 5.16 billion yuan in 2024, representing a year-on-year growth of 42.20% [1][9] - The net profit attributable to shareholders for 2022 was 191.45 million yuan, with projections of 400.77 million yuan for 2024, indicating a significant growth of 91.46% [1][9] - The latest diluted EPS is expected to be 1.02 yuan per share in 2024, up from 0.53 yuan in 2023 [1][9] Market Data - The closing price of the stock is 16.19 yuan, with a market capitalization of approximately 6.35 billion yuan [5] - The company has a P/B ratio of 2.06 and a debt-to-asset ratio of 43.83% [6][5]