jiangsu leili(300660) 国元证券·2024-09-12 00:08Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [4][7]. Core Insights - The company reported a revenue of 1.622 billion yuan for the first half of 2024, representing a year-on-year growth of 10.47%. The net profit attributable to shareholders was 172 million yuan, with a slight increase of 2.62% [2]. - The growth was primarily driven by the refrigerator and small home appliance segments, while the medical and sports health sectors negatively impacted performance [2]. - The gross margin slightly decreased to 28.91%, and the net profit margin was 10.59%, reflecting a decline of 1.80 and 0.81 percentage points year-on-year, respectively [2]. - The company has successfully launched multiple new products and is expanding its production capacity, with a projected 60% increase by the end of 2024 [2]. - The long-term outlook remains positive, with projected revenues of 3.535 billion yuan, 4.208 billion yuan, and 4.837 billion yuan for 2024, 2025, and 2026, respectively [2][3]. Financial Summary - For H1 2024, the company achieved a revenue of 1.622 billion yuan, with a net profit of 172 million yuan [2]. - The revenue breakdown by segment shows significant growth in refrigerator and small appliance motors, with respective year-on-year increases of 39.79% and 35.07% [2]. - The company’s R&D expense ratio was stable at 4.67%, with a slight decrease of 0.39 percentage points year-on-year [2]. - The forecast for net profit attributable to shareholders is 351 million yuan, 431 million yuan, and 504 million yuan for 2024, 2025, and 2026, respectively [3].