诺瓦星云：海外高景气持续，MLED渗透加速

Investment Rating - The report maintains an "Outperform" rating for the company [4][5]. Core Views - The company reported a revenue of 1.563 billion yuan for H1 2024, representing a year-on-year increase of 17.56%, with a net profit of 324 million yuan, up 37.69% year-on-year [4]. - The domestic market is under pressure, while the overseas market shows strong growth, with overseas revenue reaching 290 million yuan, a 42% increase year-on-year [4]. - The overall gross margin improved to 55.5%, an increase of 6.1 percentage points year-on-year, driven by high-end product offerings [4]. - The MLED sector is experiencing significant investment growth, with new projects signed in H1 2024 totaling over 55 billion yuan, indicating a robust demand for innovative business solutions [5]. - The company has adjusted its revenue growth forecasts for 2024-2026, now expecting a revenue of 3.879 billion yuan in 2024, a 27% year-on-year increase [5]. Summary by Sections Financial Performance - H1 2024 revenue: 1.563 billion yuan, up 17.56% year-on-year [6]. - H1 2024 net profit: 324 million yuan, up 37.69% year-on-year [6]. - H1 2024 gross margin: 55.5%, up 6.1 percentage points year-on-year [6]. Market Analysis - Domestic market revenue: 1.25 billion yuan, up 13% year-on-year [4]. - Overseas market revenue: 290 million yuan, up 42% year-on-year [4]. - LED display exports in H1 2024 reached approximately 5.3 billion yuan, a year-on-year increase of 8% [4]. Product Development - The company launched a full 4K high-end rental stage solution and other advanced products for major events like the 2024 Paris Olympics [4]. - The average selling price (ASP) for display control and video processing equipment increased by 6.4% and 15.2% respectively [4]. Future Outlook - Revenue forecasts for 2024-2026 are adjusted to 3.879 billion yuan, 4.726 billion yuan, and 5.747 billion yuan respectively, with expected growth rates of 27%, 22%, and 22% [5]. - The company anticipates maintaining a gross margin of 55% in 2024, increasing to 60% by 2026 [5].