欧陆通：高功率产品保持强劲增长态势，贡献24H1净利润大幅提升

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's high-power products have shown strong growth, contributing significantly to the 24H1 net profit increase [1] - The company's data center power business has achieved rapid revenue growth, with high-power server power revenue increasing by 464.12% YoY [2] - The company's profitability has improved significantly, with gross margin increasing by 1.55pct and net margin increasing by 4.85pct YoY [2] - The company has launched a restricted stock incentive plan to boost employee confidence, with performance targets set for 2024-2026 [5] Financial Performance - In 24H1, the company achieved revenue of 1.599 billion yuan, a YoY increase of 23.46%, and net profit of 86 million yuan, a YoY increase of 933.80% [1] - The company's revenue is expected to grow from 2.703 billion yuan in 2022A to 5.271 billion yuan in 2026E, with a CAGR of 23.5% from 2024E to 2026E [1] - Net profit is projected to increase from 90 million yuan in 2022A to 402 million yuan in 2026E, with a CAGR of 37.2% from 2024E to 2026E [1] - ROE is expected to rise from 5.4% in 2022A to 15.0% in 2026E [1] Business Highlights - The data center power business revenue reached 495 million yuan in 24H1, a YoY increase of 77.16%, with high-power products accounting for 42.21% of the total revenue [2] - The company has developed a comprehensive product series covering power ranges from below 800W to above 2,000W, including 3,200W titanium M-CRPS server power and 3,300W-5,500W titanium and ultra-titanium GPU server power [2] - The company has established partnerships with major server manufacturers such as Inspur, Foxconn, and Lenovo, as well as leading internet companies [2] Industry Outlook - The AI industry's development is expected to drive sustained market demand for power products, benefiting the company's data center power business [5] - The company's market share in the data center power sector is expected to accelerate due to its technological and product advantages [2]