MeiG(002881) 民生证券·2024-08-29 08:32Investment Rating - The report maintains a "Recommended" rating for the company [1]. Core Views - The company achieved a record high revenue of 1.306 billion yuan in the first half of 2024, representing a year-on-year increase of 27.63%. However, the net profit attributable to the parent company decreased by 31.18% to 33.4823 million yuan [1]. - The second quarter showed significant improvement, with a revenue of 731 million yuan, up 26.08% year-on-year and 27.27% quarter-on-quarter. The gross profit margin for Q2 was 17.30%, reflecting a sequential improvement [1]. - The company has made significant progress in overseas markets, with overseas revenue reaching 440 million yuan, a year-on-year increase of 38.58%, and accounting for 33.73% of total revenue [1]. - The demand for customized and intelligent products in the IoT industry is strong, driven by the company's collaboration with chip manufacturers on key 5G projects in North America, Europe, and Japan [1]. - The company is expected to benefit from the digital transformation accelerated by 5G and AI technologies, with a projected compound annual growth rate of 50.2% for the global 5G IoT market from 2023 to 2030 [1]. Financial Summary - The company forecasts revenues of 2.800 billion yuan, 3.483 billion yuan, and 4.318 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 158 million yuan, 193 million yuan, and 247 million yuan [2][4]. - The projected PE ratios for the years 2024, 2025, and 2026 are 37x, 31x, and 24x, respectively [2][4]. - The gross profit margin is expected to improve to 21.76% in 2024 and further to 22.56% by 2026 [4].