Megmeet(SZ:002851) Guoxin Securities·2024-10-23 10:00Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2][11]. Core Views - The company has launched a new modular power system suitable for NVIDIA's MGX™ platform, which is expected to significantly impact its future operations positively [2][10]. - Despite a 94% year-on-year decrease in fair value changes, the company has adjusted its profit forecasts for 2024 and 2025 downwards, while increasing the forecast for 2026 due to anticipated growth in AI server power supply [2][10][11]. Financial Performance Summary - In the first half of 2024, the company achieved revenue of 4.01 billion yuan, a year-on-year increase of 22.0%, while net profit attributable to shareholders was 320 million yuan, a decrease of 19.3% [3][10]. - The company's gross margin for the first half of 2024 was 25.8%, an increase of 0.8 percentage points year-on-year, while the net profit margin was 8.0%, a decrease of 3.9 percentage points [3][10]. - Revenue breakdown by business segment for the first half of 2024 includes smart home appliances (2.01 billion yuan, +44%), power products (1.10 billion yuan, +13%), and others [3][10]. Profit Forecasts - The company forecasts revenues of 83.0 billion yuan, 106.1 billion yuan, and 133.4 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 22.8%, 27.9%, and 25.8% [11]. - Net profit attributable to shareholders is projected to be 570 million yuan, 890 million yuan, and 1.16 billion yuan for the same years, with year-on-year changes of -9.4%, +56.2%, and +29.9% [10][11].