Hitevision (002955) Tianfeng Securities·2024-09-02 09:30Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative return of over 20% within the next six months [3][4][13]. Core Insights - The company reported a revenue of 1.02 billion in Q2 2024, a year-on-year increase of 5.6%, and a net profit of 120 million, up 3.7% year-on-year. For the first half of 2024, revenue was 1.57 billion, a decrease of 2.9%, while net profit increased by 4.6% to 150 million [1][2]. - The launch of the "Xiao You Growth Study Room" has received positive market feedback, with over 80 franchise stores signed since its introduction in June 2024, indicating strong growth momentum [1]. - The company's overseas operations, particularly in the U.S., have shown significant performance, with the U.S. subsidiary generating 740 million in revenue and 150 million in net profit for the first half of 2024, achieving the highest market share in the region [1][2]. Financial Performance Summary - For H1 2024, the gross profit margin was 34.4%, a decrease of 0.8 percentage points year-on-year. The gross margin for IWB products was 35.9%, down 2.0 percentage points, while other smart interactive products saw a gross margin increase of 5.0 percentage points to 34.2% [1]. - The company adjusted its profit forecast, now expecting net profits of 380 million, 460 million, and 570 million for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.59, 1.93, and 2.42 [1][6].