UNILUMIN(300232) 国投证券·2024-08-29 11:00Investment Rating - The report maintains a "Buy-A" investment rating for the company with a target price of 5.99 CNY for the next six months [5][6]. Core Insights - The company reported a revenue of 3.406 billion CNY for the first half of 2024, a year-on-year increase of 3.26%, while the net profit attributable to shareholders decreased by 54.60% to 100.5 million CNY [1]. - The overseas revenue for the first half of 2024 reached 2.171 billion CNY, marking a year-on-year growth of 19.34% [2]. - The company's gross profit margin improved to 32.08%, an increase of 2.23 percentage points, primarily due to a higher proportion of overseas business [2]. - The global LED display market is projected to grow at a compound annual growth rate (CAGR) of 13.78% from 2021 to 2026, with small-pitch displays growing at 23.65% and micro-pitch displays at 40.08% [3]. - The company has achieved significant technological advancements in Mini/Micro LED products, addressing various technical challenges and planning to expand production capacity to 6,000KK per month by the end of 2024 [4]. Financial Summary - Revenue projections for the company are estimated at 8.077 billion CNY, 9.047 billion CNY, and 10.132 billion CNY for 2024, 2025, and 2026 respectively, with net profits expected to be 272 million CNY, 367 million CNY, and 751 million CNY for the same years [5][10]. - The company’s earnings per share (EPS) is projected to increase from 0.25 CNY in 2024 to 0.69 CNY in 2026 [10]. - The price-to-earnings (PE) ratio is expected to decrease from 20.6 in 2024 to 7.5 in 2026, indicating a potential increase in value [10].