Xi'an Actionpower Electric (688719) 海通证券·2024-09-02 06:14Investment Rating - The investment rating for the company is "Outperform the Market" [1] Core Insights - The company achieved a revenue of 399 million yuan in the first half of 2024, representing a year-on-year growth of 28.16%, while the net profit attributable to the parent company was 33 million yuan, a decrease of 40.07% year-on-year [4] - The company is focusing on long-term strategic development and has significantly increased its R&D investment, which has impacted net profit due to intensified market competition [4] - The testing power segment saw a revenue of 255 million yuan in the first half of 2024, with a gross margin of 43.15%, indicating performance and quality improvements [4] - The special power segment is expected to recover in the second half of the year, with breakthroughs in the semiconductor field [4] - The energy quality control equipment segment achieved a revenue of 75 million yuan, with a gross margin of 33.75%, reflecting an increase in market concentration [4] Financial Summary - The company forecasts net profits of 140 million yuan, 194 million yuan, and 283 million yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.21 yuan, 1.68 yuan, and 2.45 yuan [5] - Revenue is projected to grow from 826 million yuan in 2023 to 1.071 billion yuan in 2024, with a year-on-year growth rate of 29.6% [6] - The gross margin is expected to be 42.4% in 2024, with a net profit margin of 13.1% [8] Market Performance - The company's stock price has fluctuated between 20.66 yuan and 75.39 yuan over the past 52 weeks, with a closing price of 22.57 yuan on August 30, 2024 [1] - The company has experienced a relative decline in stock performance compared to the market index, with a decrease of 54.86% from September 2023 to June 2024 [2]