Avary Holding(002938) 财通证券·2024-07-10 03:02Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a consolidated revenue of RMB 2.117 billion for June 2024, representing a year-on-year increase of 24.11% and a slight decrease of 0.23% month-on-month. The second quarter of 2024 showed stable performance with a consolidated revenue of RMB 6.440 billion, up 32.27% year-on-year but down 3.69% quarter-on-quarter. For the first half of 2024, the total revenue reached RMB 13.126 billion, reflecting a year-on-year growth of 13.79% [3] - The growth in revenue is attributed to the demand for new products such as iPads and promotional activities for iPhones. The upcoming traditional peak season for consumer electronics in the second half of the year is expected to boost sales, particularly with the anticipated release of the iPhone 16 series [3] - The long-term outlook is positive due to the trend of AI integration in mobile devices, which is expected to drive upgrades in PCB (Printed Circuit Board) components. The company is well-positioned to benefit from this trend, given its close collaboration with major clients and its comprehensive hardware and software ecosystem [3] Financial Projections - The company is projected to achieve revenues of RMB 35.38 billion, RMB 38.90 billion, and RMB 42.60 billion for the years 2024, 2025, and 2026, respectively. The net profit attributable to shareholders is expected to be RMB 3.96 billion, RMB 4.52 billion, and RMB 5.25 billion for the same years. The corresponding price-to-earnings (PE) ratios are forecasted to be 24.30, 21.28, and 18.33 [3][4]