POCO(300811) 国金证券·2024-08-27 03:41Investment Rating - The report maintains a "Buy" rating for the company, with a projected PE valuation of 29x, 20x, and 16x for 2024, 2025, and 2026 respectively [1] Core Views - The company achieved rapid growth in H1 2024, with revenue reaching 796 million yuan, a YoY increase of 36.88%, and net profit attributable to the parent company of 185 million yuan, a YoY increase of 38.18% [1] - The company's core business, metal soft magnetic powder cores, achieved revenue of 586 million yuan in H1 2024, a YoY increase of 7.03%, with significant growth in communication, server power supply, and UPS applications [1] - The chip inductor business grew 139% YoY in H1 2024, contributing 24.5% of total revenue, and is expected to continue expanding with new product development and customer acquisition [1] Business Performance Metal Soft Magnetic Powder Cores - Revenue from metal soft magnetic powder cores reached 586 million yuan in H1 2024, with strong growth in communication, server power supply, and UPS applications [1] - The photovoltaic sector showed improvement in Q2 2024 after a slowdown in Q1 due to inventory adjustments by downstream inverter manufacturers [1] - The company is constructing a new powder factory with an annual capacity of 6,000 tons, expected to partially release capacity in H2 2024 and be fully operational by 2025 [1] Chip Inductors - Chip inductor revenue reached 195 million yuan in H1 2024, a YoY increase of 138.92%, driven by customer expansion and AI-related product development [1] - The company has gained recognition from major semiconductor manufacturers such as MPS and Infineon, and is accelerating its presence in AI-related applications including notebooks, tablets, wearables, and automotive [1] Financial Projections - The company is expected to achieve net profit attributable to the parent company of 375 million yuan, 537 million yuan, and 687 million yuan in 2024, 2025, and 2026, respectively, representing YoY growth rates of 46.75%, 42.99%, and 28.07% [1] - Revenue is projected to grow to 1.639 billion yuan, 2.285 billion yuan, and 2.880 billion yuan in 2024, 2025, and 2026, respectively, with YoY growth rates of 41.47%, 39.41%, and 26.04% [3] Market Sentiment - The company has received 23 "Buy" ratings and 4 "Overweight" ratings from market analysts over the past six months [5] - Historical target prices have ranged from 74.55 yuan to 74.55 yuan, with the current market price at 38.59 yuan [5][2]