Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The downstream demand for consumer batteries is recovering, and a turning point for both volume and profit is expected in the second half of the year [1] - The company has undergone significant capacity adjustments and expansions following its IPO, which is seen as a transitional period [1] - The forecast for net profit attributable to the parent company from 2024 to 2026 is projected to be 1.70 billion, 4.09 billion, and 5.94 billion respectively, with corresponding PE ratios of 23.4, 8.4, and 5.1 [1] Summary by Sections Company Overview - The company achieved a net profit of 0.24 billion in Q2 2024, representing a year-on-year increase of 4.5% [2] - The total market capitalization is 27.84 billion, with a circulating market capitalization of 19.57 billion [2] Market Performance - The company's market share in the notebook battery segment is rapidly increasing, with a 48% year-on-year growth in product shipments in the first half of 2024 [3] - Global notebook shipments in the first half of 2024 reached approximately 95 million units, a year-on-year increase of about 4% [3] Product Segments - The smart wearable battery segment is robust, with a projected shipment volume of 559.7 million units for 2024, reflecting a year-on-year growth of 10.5% [4] - The company’s smart wearable battery shipments grew by 39% year-on-year in the first half of 2024, with significant growth in TWS headphones and smartwatches [4] Financial Projections - Revenue projections for the company are as follows: 5.678 billion in 2024, 7.377 billion in 2025, and 8.990 billion in 2026, with respective year-on-year growth rates of 25.0%, 29.9%, and 21.9% [5] - The net profit attributable to the parent company is expected to recover significantly, with forecasts of 119 million in 2024, 331 million in 2025, and 546 million in 2026 [5] Valuation Metrics - The current stock price is 33.89 yuan, with a 52-week high of 55.58 yuan and a low of 26.66 yuan [2] - The company’s P/E ratio is projected to decrease from 23.4 in 2024 to 5.1 in 2026, indicating a potential undervaluation [5]
豪鹏科技：公司信息更新报告：消费电池下游景气回暖，下半年有望迎来量利齐升拐点