POCO(300811) 国泰君安·2024-09-01 12:17Investment Rating - Maintain "Overweight" rating with a target price of 48.68 RMB [3][4] Core Views - The company's 2024 H1 performance exceeded expectations, with revenue reaching 796 million RMB, a YoY increase of 36.88%, and net profit attributable to shareholders of 185 million RMB, a YoY increase of 38.18% [3] - The chip inductor business is growing rapidly, with sales reaching 195 million RMB in H1 2024, a 138.92% increase compared to H2 2023, accounting for 24.5% of total revenue [3] - The company plans to raise 300 million RMB to expand chip inductor production capacity, enhancing its ability to meet growing downstream demand and improve technological innovation [3] - The soft magnetic powder core business grew steadily, with sales of 586 million RMB in H1 2024, a YoY increase of 7.03%, driven by recovery in the photovoltaic sector and growth in communication, server, and new energy vehicle markets [3] Financial Summary - Revenue for 2024E is projected at 1,618 million RMB, with a YoY growth of 39.7%, and net profit attributable to shareholders is expected to reach 397 million RMB, a YoY increase of 55.3% [4] - EPS for 2024E is forecasted at 1.41 RMB, with ROE expected to reach 17.9% [4] - The company's P/E ratio for 2024E is 28.41, and the P/B ratio is 5.09 [4] Market Data - The company's market capitalization is 11,288 million RMB, with a 52-week stock price range of 36.50-63.69 RMB [5] - The stock has shown a 22% absolute increase over the past 12 months, outperforming the index by 42% [8] Industry and Business Outlook - The chip inductor business is expected to maintain rapid growth, supported by increasing demand from AI, 5G, and IoT sectors [3] - The soft magnetic powder core business is anticipated to continue growing in line with downstream demand, particularly in the photovoltaic, communication, and new energy vehicle sectors [3]