MOONS’(603728) 国投证券·2024-09-01 07:40Investment Rating - The investment rating for the company is "Accumulate-A" with a target price of 39.1 CNY for the next six months [3][7]. Core Views - The company reported a significant improvement in Q2 profitability, with a revenue of 6.56 billion CNY, a slight increase of 0.02% year-on-year, and a net profit of 0.34 billion CNY, up 61.28% year-on-year [1]. - The decline in revenue and profit in H1 2024 was attributed to overseas supply chain destocking and the relocation of production bases, but the destocking phase is nearing completion, and domestic market demand is recovering [1]. - The company is focusing on high-value-added products, with rapid growth in sectors such as robotics, automotive intelligence, lithium battery storage, and semiconductors [1][6]. Financial Performance Summary - In H1 2024, the company achieved a total revenue of 12.65 billion CNY, a decrease of 3.14% year-on-year, and a net profit of 0.4 billion CNY, down 24.88% year-on-year [1]. - The gross profit margin increased by 0.80 percentage points to 37.50% in H1 2024, mainly due to improved margins in various product lines [1]. - The company’s R&D expenses remain high, with a stable expense ratio of 31.54% in H1 2024, reflecting ongoing investment in new product development [2][6]. Growth Prospects - The company anticipates continued growth in its core business of stepper motors, with projections for net profits of 1.92 billion CNY, 2.81 billion CNY, and 3.69 billion CNY for 2024, 2025, and 2026 respectively, representing year-on-year growth rates of 36.5%, 46.3%, and 31.6% [7]. - The revenue from the lithium battery storage and semiconductor sector grew over 70% year-on-year, while the robotics sector saw a growth of approximately 15% [1][7]. - The company’s brushless motor business generated revenue of 1.25 billion CNY, an increase of 82.2% year-on-year, indicating strong demand in high-value applications [1].