AUTEK(300595) 西南证券·2024-08-22 12:00Investment Rating - The report maintains a "Hold" rating for the company [3][4]. Core Views - The company is experiencing pressure on its performance, with a focus on waiting for a turning point in its business [4]. - The revenue for H1 2024 reached 880 million yuan, representing a year-on-year increase of 13.2%, while the net profit attributable to the parent company was 320 million yuan, up 4.4% year-on-year [4]. - The company is expanding its optical service terminals, with over 470 locations, aiming to enhance product and service revenue [4]. Summary by Relevant Sections Earnings Forecast and Investment Suggestions - EPS is projected to be 0.91 yuan for 2024, 1.06 yuan for 2025, and 1.23 yuan for 2026 [2][5]. Financial Data - Total shares outstanding: 899.7 million - Market capitalization: 12.479 billion yuan - Total assets: 5.561 billion yuan - Net asset per share: 4.98 yuan [2]. Performance Summary - H1 2024 revenue breakdown: - Rigid contact lens revenue: 370 million yuan (down 2.7%) - Care product revenue: 120 million yuan (down 3.8%) - Ordinary frame glasses and other revenue: 160 million yuan (up 44.3%) [4]. - H1 2024 gross margin: 73.8% (down 1.8 percentage points year-on-year) [4]. Expense Analysis - Sales expense ratio: 24.8% (up 3.4 percentage points year-on-year) - Management expense ratio: 4.5% (down 1.3 percentage points year-on-year) - R&D expense ratio: 2.3% (down 0.1 percentage points year-on-year) [4]. Market Position and Growth Potential - The company is actively expanding its optical service terminals, indicating potential for future growth in both product and service revenues [4].