Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's revenue for the first half of 2024 reached 207 million yuan, representing a year-on-year increase of 13.18%, while the net profit attributable to the parent company was 14.36 million yuan, down 9.92% year-on-year [1] - The recovery of overseas demand and the expansion of cross-border e-commerce have driven an increase in foreign sales, with overseas revenue growing by 18.87% in 2024H1 [2] - The company has focused on independent research and innovation, achieving significant results in technology innovation related to "Internet of Things+" and "smart heating," with R&D expenses increasing by 44.59% year-on-year [3] Financial Summary - For 2024-2026, the projected net profit attributable to the parent company is expected to be 43 million, 50 million, and 56 million yuan, respectively, corresponding to EPS of 0.71, 0.82, and 0.92 yuan per share [1] - The company's total revenue is projected to grow from 514 million yuan in 2024 to 701 million yuan in 2026, with corresponding year-on-year growth rates of 22.9%, 20.0%, and 13.8% [4] - The company's P/E ratio is expected to decrease from 14.0 in 2024 to 10.7 in 2026, indicating a potentially attractive valuation [4]
鸿智科技：北交所信息更新：跨境电商与需求恢复拉动外销，2024H1营收+13%