Topband(002139) Great Wall Securities·2024-04-24 00:31Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% relative to the industry index in the next six months [15]. Core Views - The company reported a strong performance in Q1 2024, with revenue of 2.318 billion yuan, a year-on-year increase of 16.20%, and a net profit attributable to shareholders of 176 million yuan, up 82.29% year-on-year [18]. - The company is focusing on enhancing its profitability through increased investment in innovative businesses, particularly in the new energy sector, which is expected to contribute significantly to future growth [3][4]. - The company has implemented a share buyback program, indicating confidence in its long-term prospects and commitment to enhancing shareholder value [19]. Financial Summary - Revenue is projected to grow from 8,992 million yuan in 2023 to 10,746 million yuan in 2024, reflecting a year-on-year growth rate of 19.5% [2]. - Net profit attributable to shareholders is expected to increase from 516 million yuan in 2023 to 647 million yuan in 2024, representing a growth rate of 25.5% [2]. - The company's ROE is forecasted to improve from 8.0% in 2023 to 9.4% in 2024 [2]. - The latest diluted EPS is projected to rise from 0.41 yuan in 2023 to 0.51 yuan in 2024 [2]. Business Performance - The company has seen growth across all four major business segments, with the fastest growth in the new energy sector, driven by the introduction of control and power products [4]. - The home appliance segment is focusing on expanding its market share in key categories such as white goods and innovative small appliances [4]. - The company is also investing in core technologies related to mobile robotics and servo drives, aiming to establish a fourth growth curve [3].