MOONS’(603728) 华福证券·2024-08-29 01:30Investment Rating - The report maintains a "Hold" rating for the company [4][15]. Core Insights - The company reported a significant improvement in Q2 2024 performance, with revenue of 1.265 billion yuan, a slight decrease of 3.14% year-on-year, and a net profit of 40 million yuan, down 24.88% year-on-year. However, Q2 2024 saw a revenue of 656 million yuan, a marginal increase of 0.02% year-on-year, and a net profit of 34 million yuan, up 61.28% year-on-year [1]. - The company is focusing on emerging sectors, with traditional automation demand showing weakness, while new sectors like semiconductor and lithium battery storage are growing rapidly, with revenue increases of 70% and 210% respectively [1][2]. - The company is increasing its R&D investment, maintaining a research expense ratio of 9.4%, which supports the development of high-value-added areas [1]. Financial Performance Summary - For the first half of 2024, the company achieved a gross margin of 37.50%, an increase of 0.8 percentage points year-on-year, with the core business maintaining a gross margin of 39.0% [1]. - The company’s net profit margin for the first half of 2024 was 3.19%, with Q2 showing a net profit margin of 5.17%, reflecting a 4.11 percentage point increase from Q1 [1]. - The company’s overseas revenue for the first half of 2024 was 584 million yuan, accounting for 46% of total revenue, down 12.50% year-on-year, but showing a 10.99% increase compared to the second half of 2023 [2]. Earnings Forecast - The company’s projected net profits for 2024-2026 are 130 million yuan, 176 million yuan, and 238 million yuan respectively, with corresponding PE ratios of 99, 73, and 54 times [2].