OPPLE(SH:603515) Haitong Securities·2024-10-10 08:09Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The report highlights that the company's revenue is under pressure due to demand, but its profitability is steadily improving [5] - The company achieved a revenue of 3.366 billion yuan in H1 2024, a year-on-year decrease of 5.01%, with a net profit attributable to shareholders of 385 million yuan, down 3.04% year-on-year [5] - The report projects a net profit of 874 million yuan for 2024, with a reasonable valuation range of 18.72 yuan to 23.40 yuan based on a 16-20x PE ratio [5] Financial Performance - In H1 2024, the overall gross margin increased by 1.09 percentage points to 39.29%, with a net profit margin of 11.43%, up 0.23 percentage points year-on-year [5] - The company’s revenue from lighting application products and others in H1 2024 was 3.313 billion yuan, with a gross margin of 38.81% [5] - Domestic and international revenues for H1 2024 were approximately 2.983 billion yuan and 330 million yuan, respectively, with year-on-year changes of -4.27% and -14.95% [5] Business Strategy - The company is focusing on consolidating its channel advantages to drive business growth through various strategies, including enhancing offline retail channels and optimizing product structures for e-commerce [5] - The company is actively participating in infrastructure projects along the "Belt and Road" initiative to expand its brand influence overseas [5] Financial Forecast - The company is expected to generate total revenue of 7.444 billion yuan in 2024, with a projected net profit of 874 million yuan [10] - The gross margin is forecasted to be 38.5% in 2024, with a net profit margin of 11.7% [10] - The report anticipates a net profit growth rate of 11.3% in 2025 and 14.5% in 2026 [10]