SIEYUAN(SZ:002028) Guohai Securities·2024-08-18 17:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1][7] Core Views - The company has demonstrated stable operations with rapid growth in overseas business, achieving a revenue of 6.17 billion yuan in H1 2024, a year-on-year increase of 16%, and a net profit attributable to shareholders of 890 million yuan, up 27% year-on-year [3][4] - The growth in revenue is primarily driven by the significant increase in coil-related product sales, while profitability has improved due to a notable rise in the gross margin of switch products [4][5] - The overseas revenue reached 1.5 billion yuan in H1 2024, reflecting a 40% year-on-year increase, with the overseas revenue proportion rising to 25%, an increase of 4 percentage points year-on-year [5][6] Summary by Sections Financial Performance - In H1 2024, the company reported a revenue of 6.17 billion yuan, with a gross margin of 31.7%, an increase of 2.7 percentage points year-on-year, and a net profit margin of 14.5%, up 0.8 percentage points year-on-year [3][4] - For Q2 2024, the revenue was 3.51 billion yuan, a quarter-on-quarter increase of 32% and a year-on-year increase of 12% [3] Business Segments - The revenue from switch-related products was 2.9 billion yuan, a year-on-year increase of 10%, with a gross margin of 35.2%, up 3.8 percentage points [4] - Coil-related products saw a revenue of 1.7 billion yuan, a significant year-on-year increase of 50%, with a gross margin of 33.7% [4] Market Position and Outlook - The company is positioned as a leading domestic power equipment enterprise, with projected revenues of 15.1 billion yuan, 18.5 billion yuan, and 21.6 billion yuan for 2024, 2025, and 2026, respectively, reflecting year-on-year growth rates of 21%, 22%, and 17% [7][8] - The net profit attributable to shareholders is expected to reach 2.08 billion yuan, 2.63 billion yuan, and 3.20 billion yuan for the same years, with growth rates of 33%, 27%, and 22% respectively [7][8]