Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark within the next 6 months [8]. Core Insights - The company has demonstrated significant revenue growth, with a 24% year-on-year increase in revenue for the first half of 2024, reaching 1.14 billion yuan, and a return to profitability with a net profit of 70 million yuan [2][3]. - The gross margin improved to 46.4%, up 7.3 percentage points year-on-year, while the net profit margin reached 6.4%, an increase of 11.9 percentage points [2]. - The company launched innovative products, including a DIY small-scale home green energy system, enhancing its product matrix and market presence [2]. - International revenue saw substantial growth, with the U.S. and Japan experiencing year-on-year increases of 38% and 51%, respectively, solidifying the company's global channel strategy [2]. Financial Performance Summary - The company is projected to achieve net profits of 220 million yuan, 310 million yuan, and 400 million yuan for the years 2024, 2025, and 2026, respectively, with corresponding price-to-earnings ratios of 41, 29, and 22 [3]. - Revenue forecasts for 2024 to 2026 are 3.12 billion yuan, 4.43 billion yuan, and 5.75 billion yuan, reflecting growth rates of 35%, 42%, and 30% [3]. - The company’s gross margin is expected to stabilize around 46% in the coming years, with net profit margins projected to improve gradually [3].
华宝新能：全场景绿电龙头涅槃，降本增效大超预期