Ultrapower(SZ:300002)2024-09-18 07:09Investment Rating - The report maintains a "Buy" rating for the company [6][7]. Core Insights - The company experienced rapid growth in the first half of 2024, achieving revenue of 3.05 billion yuan, a year-on-year increase of 15.0%, and a net profit attributable to shareholders of 630 million yuan, up 56% year-on-year [6]. - The core product, "Sunrise City," showed stable performance in Q2 with a revenue of 910 million yuan, a 14% year-on-year increase, despite a slight quarter-on-quarter decline of 2% [6]. - The AI/ICT business also performed strongly, with a 27% year-on-year growth to 540 million yuan, although the gross margin decreased by 11 percentage points to 16.1% [6]. Financial Summary - The company’s total revenue for 2023 was 5.962 billion yuan, with a projected revenue of 6.616 billion yuan for 2024, reflecting a year-on-year growth rate of 11.0% [8][9]. - The net profit attributable to shareholders for 2023 was 887 million yuan, with an expected increase to 1.27 billion yuan in 2024, representing a growth rate of 43.2% [8][9]. - The earnings per share (EPS) is projected to rise from 0.45 yuan in 2023 to 0.65 yuan in 2024 [8][9]. Revenue and Profit Forecast - The revenue forecast for 2024-2026 is adjusted to 6.62 billion yuan, 8.18 billion yuan, and 9.28 billion yuan respectively, with net profit forecasts of 1.27 billion yuan, 1.45 billion yuan, and 1.66 billion yuan for the same period [7][8]. - The company’s price-to-earnings (PE) ratio is projected to be 14x for 2024, 12x for 2025, and 11x for 2026, indicating a favorable valuation [7]. Product Pipeline - The company is set to launch two new products by the end of 2024, which are expected to contribute to revenue growth in the medium term [6].