Megmeet(SZ:002851) Huaan Securities·2024-09-03 07:42Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has demonstrated steady revenue growth, with a 22.1% year-on-year increase in revenue for H1 2024, reaching 4.011 billion yuan. However, the net profit attributable to the parent company decreased by 19.3% year-on-year to 315 million yuan [2][3] - The company is expanding its overseas business, achieving direct overseas revenue of 1.394 billion yuan in H1 2024, a 34.24% increase, which accounts for 34.75% of total revenue [2] - The company is well-positioned in the AI server power supply market, collaborating with a leading international company to meet related demands, indicating potential for significant market expansion [2] Financial Summary - For 2024E, the company is projected to achieve revenue of 8.255 billion yuan, a 22.2% increase year-on-year, with net profit expected to be 719 million yuan, reflecting a 14.3% growth [3][4] - The gross margin is expected to be 24.1% in 2024E, slightly down from 24.9% in 2023A, while the return on equity (ROE) is projected to remain stable at 14.2% [3][4] - The company's earnings per share (EPS) is forecasted to increase from 1.27 yuan in 2023A to 1.43 yuan in 2024E [3][4]