Dongguan Aohai Technology (002993)2024-09-02 08:10Investment Rating - The report maintains a "Buy" rating for the company [6][7]. Core Insights - In 1H24, the company achieved revenue of 2.96 billion, a year-on-year increase of 46.8%, with a gross margin of 20.7%, down 2.53 percentage points year-on-year. The net profit attributable to the parent company was 233 million, up 8.46% year-on-year [6]. - The company is increasing its R&D investment, with R&D expenses reaching 187 million in 1H24, a growth of over 50% year-on-year, and an R&D expense ratio of 6.33%. The international business is accelerating, with the export ratio rising to 34.3% [6][7]. - The company is benefiting from trends such as the Internet of Things and the popularity of outdoor camping, expanding its charging and storage business from mobile phones to a full ecosystem including IoT and power tools [6]. Financial Summary - For 2024E, total revenue is projected to be 6.54 billion, with a year-on-year growth rate of 26.4%. The net profit attributable to the parent company is expected to be 453 million, reflecting a growth rate of 2.8% [8]. - The gross margin is expected to be 20.9% in 2024E, with a projected return on equity (ROE) of 8.7% [8]. - The company’s earnings per share (EPS) is forecasted to be 1.64 yuan in 2024E, increasing to 2.89 yuan by 2026E [8].