Acrel(SZ:300286) EBSCN·2024-08-29 11:45Investment Rating - The report maintains a "Buy" rating for the company [1][2]. Core Views - The company achieved a revenue of 531 million yuan in the first half of 2024, a year-on-year decrease of 1.36%, while the net profit attributable to shareholders was 101 million yuan, a slight increase of 0.14% [1]. - The company is actively promoting its EMS 2.0 and EMS 3.0 products, achieving good results in public utilities, renewable energy, and industrial parks [1][2]. - The overseas revenue grew significantly by 72.46% to 25 million yuan, with successful customer expansion in over 120 countries, particularly in Southeast Asia and Europe [1][2]. Summary by Sections Financial Performance - In Q2 2024, the company reported a revenue of 289 million yuan, down 6.18% year-on-year, but up 22.36% quarter-on-quarter [1]. - The overall gross margin decreased by 1.22 percentage points to 47.07%, while the net profit margin increased by 0.28 percentage points to 18.96% [1]. - The revenue from power monitoring and substation comprehensive monitoring products decreased by 2.42% to 226 million yuan, while energy efficiency management products increased by 3.75% to 175 million yuan [1]. Product Development - The EMS 3.0 platform integrates flexible control of source, network, load, storage, and charging, with several projects already operational since its launch in 2023 [2]. - The company has formed a synergy between R&D and sales, with some R&D personnel providing technical guidance to the sales team to enhance product promotion [2]. Future Outlook - The company expects stable performance despite domestic demand fluctuations, with projected net profits for 2024-2026 at 242 million, 303 million, and 380 million yuan, respectively [2]. - The current stock price corresponds to a price-to-earnings ratio of 14, 11, and 9 times for 2024-2026 [2].