Guangzhou Wahlap Technology (301011) 东吴证券·2024-08-31 13:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in H1 2024 met expectations, with revenue of 462 million yuan, a year-on-year increase of 27.85%, and a net profit attributable to the parent company of 36 million yuan, a year-on-year increase of 106.02% [2] - The strong demand for gaming and amusement equipment is driving continuous revenue growth, with sales reaching 398 million yuan in 2023 and 245 million yuan in H1 2024, representing year-on-year increases of 27.28% and 55.58%, respectively [2] - The company's anime IP derivative products are expanding, achieving revenue of 145 million yuan in H1 2024, a year-on-year increase of 22.99%, with a gross margin of 43.61% [2] - The company is optimizing amusement park operations, with significant improvements in gross margins, particularly in the amusement park operation business, which generated revenue of 53 million yuan in H1 2024 [3] - The earnings forecast has been adjusted, with expected EPS for 2024-2026 being 0.53, 0.71, and 0.87 yuan, respectively, corresponding to current P/E ratios of 35, 26, and 21 times [3] Revenue and Profit Forecast - Total revenue is projected to reach 973.38 million yuan in 2024, with a year-on-year growth of 19.25% [1] - The net profit attributable to the parent company is expected to be 77.16 million yuan in 2024, reflecting a year-on-year increase of 48.50% [1] - The latest diluted EPS is forecasted to be 0.53 yuan per share in 2024 [1] Financial Metrics - The company reported a gross margin of 28.65% in 2023, expected to improve to 29.52% in 2024 [9] - The return on equity (ROE) is projected to increase from 7.52% in 2023 to 10.05% in 2024 [9] - The company's total assets are expected to grow from 1,159 million yuan in 2023 to 1,727 million yuan by 2026 [8]