FPI(300203) 国金证券·2024-08-28 08:30Investment Rating - The report maintains a "Buy" rating for the company [1][3] Core Insights - The company reported a revenue of 1.41 billion RMB for the first half of 2024, representing a year-over-year increase of 17.44%. The net profit attributable to shareholders was 46 million RMB, a significant improvement from a loss of 137 million RMB in the same period last year [1] - The operating cash flow showed a notable improvement, with a net cash flow of -78 million RMB compared to -317 million RMB in the previous year. In Q2, the operating cash flow turned positive at 55 million RMB, up from -167 million RMB year-over-year [2] - The company has optimized its cost structure, with a decrease in sales expense ratio to 19.6% (down 2.48 percentage points), management expense ratio to 9.6% (down 0.8 percentage points), and R&D expense ratio to 15.472% (down 9.2 percentage points) [2] - The gross margin improved to 44.44%, an increase of 3.99 percentage points, with high-margin business segments showing significant growth [2] Financial Forecasts - The expected EPS for 2024, 2025, and 2026 is projected to be 0.40 RMB, 0.75 RMB, and 1.00 RMB respectively. The current stock price corresponds to a PE ratio of 27, 14, and 11 for the respective years [3] - The company is expected to see a revenue growth rate of 9.56% in 2024, followed by 10.94% in 2025 and 12.18% in 2026 [6]