HAOYANG(300833) 国投证券·2024-08-23 05:07Investment Rating - The investment rating for the company is "Buy-A" with a target price of 50.29 CNY, maintaining the rating [3][4]. Core Views - The company is expected to see a recovery in performance in the second half of 2024 as new production capacity is steadily released, despite a decline in revenue and net profit in the first half of 2024 [2][3]. - The industry remains optimistic, with strong demand in the downstream market, particularly in the concert business, which has shown significant growth [3][4]. - The company is positioned to benefit from its leading technology and new production capacity, which is anticipated to contribute to revenue growth in the future [3][4]. Financial Performance Summary - In H1 2024, the company achieved revenue of 669 million CNY, a decrease of 5.68% year-on-year, and a net profit of 203 million CNY, down 9.10% year-on-year [2][3]. - The gross margin for H1 2024 was 51.85%, an increase of 1.22 percentage points year-on-year, indicating improved profitability despite rising expenses [3][4]. - The company’s revenue for Q2 2024 was 354 million CNY, a decline of 6.67% year-on-year, with net profit at 102 million CNY, down 17.16% year-on-year [2][3]. Market and Product Insights - The company’s revenue from stage entertainment lighting equipment and accessories showed a mixed performance, with a decline in lighting equipment revenue but significant growth in accessories [3][4]. - The domestic market has benefited from post-pandemic demand, while international sales faced challenges, reflecting a 7.89% decline [3][4]. - The company is focusing on enhancing production efficiency and quality, which is expected to drive market share growth in the coming periods [3][4].