Avary Holding(SZ:002938) Huachuang Securities·2024-05-07 08:32Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [6][18]. Core Views - The company's revenue for April 2024 exceeded expectations, with a reported revenue of RMB 2.20033 billion, representing a year-on-year increase of 52.21% [2][3]. - The consumer electronics sector is anticipated to experience a sustained recovery, with the company expected to benefit from the upcoming product launches from major clients like Apple [3]. - The company is positioned to capitalize on the AI innovation cycle, particularly with Apple's focus on AI in its upcoming product releases [3]. - The server and automotive segments are showing significant growth, with a reported 70% increase in these product lines in 2023 [3]. - The company has established a new production base in Thailand aimed at high-end overseas markets, which is expected to enhance its product offerings [3]. Financial Summary - The projected total revenue for 2024 is RMB 33.735 billion, reflecting a year-on-year growth of 5.2% [4]. - The net profit attributable to the parent company for 2024 is estimated at RMB 3.670 billion, with a growth rate of 11.6% [4]. - Earnings per share (EPS) are forecasted to be RMB 1.58 for 2024, with a price-to-earnings (P/E) ratio of 17 [4][6]. - The company's total assets are projected to reach RMB 46.326 billion by 2024, with a debt-to-asset ratio of 28% [4][7].