POCO(300811) 长城证券·2024-09-02 10:10Investment Rating - The report assigns a "Buy" rating to the company, indicating an expected price increase of over 15% relative to the industry index within the next six months [6][14]. Core Insights - The company's performance in H1 2024 showed significant growth, with revenue reaching 796 million yuan, a year-on-year increase of 36.88%, and net profit of 185 million yuan, up 38.18% year-on-year [1][2]. - The growth is attributed to strong performance in the chip inductor business, particularly driven by the demand in AI servers and other high-performance computing applications [5][6]. - The company has established long-term partnerships with several well-known domestic and international clients, enhancing its market position [6][5]. Financial Summary - Revenue is projected to grow from 1,066 million yuan in 2022 to 2,840 million yuan by 2026, reflecting a compound annual growth rate (CAGR) of approximately 21.9% [1][8]. - Net profit is expected to increase from 193 million yuan in 2022 to 666 million yuan in 2026, with a CAGR of about 24.8% [1][8]. - The company's gross margin for H1 2024 was 40.48%, with a net margin of 23.20%, indicating stable profitability [2][10]. Business Performance - The chip inductor segment is anticipated to benefit from the growing demand for AI servers, with production capacity targets set to increase from 5 million units per month in 2023 to 10-15 million units per month in 2024 [5][6]. - The company has successfully developed new products, including iron-silicon and iron-nickel series magnetic powder cores, which have received positive market feedback [2][4]. - The ongoing expansion of production capacity at various facilities is expected to support future growth and meet increasing market demand [4][5].