Aoshikang Technology Co. , Ltd(SZ:002913) ZHONGTAI SECURITIES·2024-09-05 03:32Investment Rating - The report maintains a "Buy" rating for the company, with a market price of 23.88 CNY per share [1]. Core Insights - The company reported stable performance in H1 2024, achieving revenue of 2.147 billion CNY, a year-on-year increase of 5.2%, while net profit decreased by 20% to 222 million CNY [3]. - The company is actively expanding into the server, AIPC, and automotive sectors, which are expected to drive future growth [4]. - A partnership with Meiko Electronics to establish a factory in Thailand aims to enhance high-end production capacity in response to the AI trend [5]. - The projected net profit for 2024, 2025, and 2026 is estimated at 603 million CNY, 750 million CNY, and 917 million CNY respectively, with a corresponding P/E ratio of 13, 10, and 8 [6]. Financial Performance Summary - Revenue for 2022 was 4.567 billion CNY, with a forecasted increase to 4.928 billion CNY in 2024, representing a growth rate of 14% [1]. - Net profit for 2022 was 307 million CNY, expected to rise to 603 million CNY in 2024, reflecting a growth rate of 16% [1]. - Earnings per share (EPS) is projected to increase from 1.63 CNY in 2023 to 1.90 CNY in 2024 [1]. - The company’s return on equity (ROE) is expected to improve from 13% in 2024 to 15% in 2026 [1].