ConST(SZ:300445) Huaan Securities·2024-09-02 05:03Investment Rating - The investment rating for the company is "Buy" (maintained) as of August 31, 2024 [1] Core Views - The company reported excellent performance in the first half of 2024, achieving operating revenue of 237 million yuan, a year-on-year increase of 11.78%. The net profit attributable to shareholders reached 58.65 million yuan, up 40.12% year-on-year [1] - The company's international market revenue for the first half of 2024 was 124 million yuan, reflecting a significant year-on-year growth of 42.1%. Major regional markets in Asia/Oceania, Europe/Middle East/Africa, and the Americas saw growth rates between 20% and 40% [1] - The sensor business is progressing, with ongoing optimization of production lines and collaboration with testing lines, which is expected to enhance product competitiveness and profitability [1] Financial Performance Summary - For 2024, the company forecasts operating revenue of 601 million yuan, with a year-on-year growth of 20.6%. The net profit attributable to the parent company is projected to be 130 million yuan, reflecting a 27.5% increase [2] - The gross margin is expected to improve from 64.4% in 2023 to 66.7% in 2024, indicating enhanced profitability [2] - The earnings per share (EPS) is projected to grow from 0.48 yuan in 2023 to 0.61 yuan in 2024 [2] Financial Ratios and Projections - The company is expected to maintain a strong return on equity (ROE), increasing from 9.2% in 2023 to 11.4% in 2024 [2] - The price-to-earnings (P/E) ratio is projected to decrease from 30.47 in 2023 to 23.90 in 2024, indicating a potentially more attractive valuation [2] - The company anticipates a steady increase in operating income, with projections of 730.4 million yuan in 2025 and 894.1 million yuan in 2026, reflecting a compound annual growth rate (CAGR) of approximately 21.5% [2][4]