SONAVOX(688533) 国泰君安·2024-09-03 08:20Investment Rating - Maintains an "Overweight" rating with a target price adjustment to 31.6 RMB, down from 46.9 RMB, based on a 2024 PE multiple of 20x [5][12] Core Views - The company benefits from the trend of automotive acoustic upgrades, driven by increased demand from downstream customers, leading to revenue and profit growth [3][5] - Revenue for H1 2024 reached 1.24 billion RMB, a 28.5% YoY increase, with net profit attributable to shareholders at 110 million RMB, up 56.6% YoY [5] - Key products such as speakers, amplifiers, and AVAS saw significant growth, with revenues of 940 million RMB, 210 million RMB, and 60 million RMB, respectively, representing YoY increases of 20.2%, 58.2%, and 62.4% [5] - Profitability improved due to enhanced automation, economies of scale, and better internal management, with Q2 2024 gross margin at 24.9%, up 0.14pct YoY [5] - The company is well-positioned to capitalize on the automotive electrification and intelligence trends, which are driving increased demand for car audio systems [5] Financial Performance - Q2 2024 revenue was 640 million RMB, a 25.4% YoY increase, with net profit attributable to shareholders at 50 million RMB, up 28.5% YoY [5] - Sales, management, R&D, and financial expense ratios for Q2 2024 were 0.6%, 7.5%, 5.7%, and 0.3%, respectively, showing improved cost control [5] - The company's 2024-2026 EPS forecasts remain unchanged at 1.58 RMB, 2.14 RMB, and 2.63 RMB, respectively [5] Industry Trends - The automotive acoustic upgrade trend is driven by the increasing number of speakers and amplifiers in vehicles, benefiting the company as a leading domestic player [5] - Key clients such as Huawei, Li Auto, and Xiaomi are experiencing rising new vehicle deliveries, contributing to the company's growth [5] Valuation and Market Data - The company's current market capitalization is 3.464 billion RMB, with a 52-week stock price range of 20.45-48.70 RMB [6] - The stock has underperformed recently, with a 12-month decline of 47% in absolute terms and 37% relative to the index [9] - The company's 2024E PE ratio is 13.69x, with a target price of 31.6 RMB based on a 20x PE multiple [5][12]