MOONS’(603728) 国盛证券·2024-08-28 13:12Investment Rating - The report maintains a "Buy" rating for the company, citing long-term potential for valuation premium as a market leader [2] Core Views - The company's Q2 2024 performance showed a positive turnaround, with revenue growth turning positive and net profit increasing significantly [1] - Domestic demand recovery and overseas inventory normalization contributed to the improved performance [1] - Emerging business segments, particularly in automotive intelligence, showed strong growth momentum [1] Financial Performance - H1 2024 revenue reached RMB 1.265 billion, down 3.14% YoY, with net profit attributable to shareholders at RMB 40 million, down 24.88% YoY [1] - Q2 2024 revenue was RMB 656 million (+0.02% YoY), with net profit of RMB 34 million (+61.28% YoY) [1] - Domestic revenue grew 6.63% YoY to RMB 681 million, while overseas revenue declined 12.50% YoY to RMB 584 million [1] Business Segment Analysis - Semiconductor and lithium battery storage business grew over 70% YoY in H1 2024 [1] - Robotics business expanded approximately 15% YoY, covering various applications including logistics, surgical, and humanoid robots [1] - Automotive intelligence business surged 210% YoY, with new product development and mass order deliveries for key components [1] R&D and Future Prospects - R&D investment remained high at RMB 119 million in H1 2024, with a 9.40% R&D expense ratio [2] - The company is well-positioned to benefit from the upcoming mass production phase in the humanoid robotics sector [2] Financial Projections - Revenue forecasts for 2024-2026 are RMB 2.649 billion, RMB 3.304 billion, and RMB 3.842 billion respectively [2] - Net profit projections for 2024-2026 are RMB 132 million, RMB 183 million, and RMB 251 million respectively [2] - Current PE ratios are 97.1X for 2024, 70.0X for 2025, and 51.0X for 2026 [2] Market Data - The stock closed at RMB 30.50 on August 27, 2024, with a market capitalization of RMB 12.812 billion [3] - The company has 420.07 million shares outstanding, with 99.72% freely tradable [3]