KINGCLEAN(603355) 申万宏源·2024-09-02 08:11Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook for its stock performance relative to the market [4][5]. Core Insights - The company's revenue performance aligns with the mid-year forecast, achieving a revenue of 4.75 billion yuan in H1 2024, a year-on-year increase of 15%. The net profit attributable to shareholders reached 602 million yuan, up 1% year-on-year [4][5]. - The ODM (Original Design Manufacturer) business shows a recovery with over 30% growth in both home appliance exports and cross-border e-commerce. The core components business also grew by over 10%, with motor sales increasing by over 20% [4][5]. - The company is expanding its overseas manufacturing presence in Southeast Asia to mitigate trade risks, with ongoing investments in Thailand and Vietnam to enhance production capacity [4][5]. - The core components business continues to grow steadily, with a year-on-year increase of over 10% in H1 2024, supported by a robust order book from major automotive clients [4][5]. Financial Summary - For 2024, the company is projected to achieve total revenue of 10.31 billion yuan, reflecting a year-on-year growth rate of 17.2%. The net profit is expected to reach 1.22 billion yuan, a growth of 8.8% compared to the previous year [5][7]. - The earnings per share (EPS) for 2024 is estimated at 2.12 yuan, with a projected PE ratio of 10 times [5][7]. - The gross margin is forecasted to be 25.4% for 2024, with a return on equity (ROE) of 24.7% [5][7].