Kewell(688551) 开源证券·2024-08-27 05:32Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported stable revenue growth with a 15.5% year-over-year increase in revenue for the first half of 2024, reaching 254 million yuan [2] - The company plans to repurchase shares worth between 20 million and 30 million yuan, reflecting confidence in long-term development [2] - Despite a decline in net profit by 16.6% year-over-year to 42 million yuan, the company maintains a strong position in the testing power sector [2][3] Financial Performance Summary - For the first half of 2024, the company achieved a revenue of 254 million yuan, with a gross margin of 50.4% and a net margin of 16.2% [2] - The second quarter of 2024 saw a revenue of 143 million yuan, a quarter-over-quarter increase of 28.6% and a year-over-year increase of 16.5% [2] - The company's testing power business generated 200 million yuan in revenue for the first half of 2024, a 20.3% increase year-over-year, although the gross margin decreased from 55.7% in 2023 to 50.7% [2][3] Future Projections - The company expects to achieve net profits of 134 million, 182 million, and 250 million yuan for the years 2024, 2025, and 2026 respectively [2][4] - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 1.59, 2.17, and 2.97 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 15.6, 11.5, and 8.4 [2][4] - Revenue is projected to grow from 757 million yuan in 2024 to 1.382 billion yuan in 2026, with year-over-year growth rates of 43.2%, 37.3%, and 33.0% [4][5]