亚辉龙：业绩表现亮眼，发光业务持续高增

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company reported a revenue of 960 million yuan for the first half of 2024, a year-on-year decrease of 10.69%. However, the net profit attributable to shareholders increased by 22.25% to 173 million yuan, and the net profit after deducting non-recurring items rose by 25.85% to 161 million yuan [2][6] - The company's self-owned luminous business continues to grow significantly, with a revenue of 790 million yuan from non-COVID related operations, reflecting a year-on-year increase of 44%. The self-produced luminous revenue reached 717 million yuan, up 48% year-on-year [7] - The company has shown improvements in profitability, with a gross margin of 62.26%, an increase of 12.93 percentage points, and a net margin of 16.19%, up 5.64 percentage points [8] Financial Performance Summary - For the first half of 2024, the company achieved a revenue of 960 million yuan, down 10.69% year-on-year, while the net profit attributable to shareholders was 173 million yuan, up 22.25% [6] - The company expects revenues for 2024-2026 to be 2.182 billion, 2.824 billion, and 3.597 billion yuan, with year-on-year growth rates of 6.26%, 29.43%, and 27.37% respectively [9] - The projected net profit for the same period is 480 million, 650 million, and 850 million yuan, with growth rates of 35.23%, 35.48%, and 30.74% respectively [9] Business Segment Performance - The luminous business maintained high growth, with a significant increase in the installation of luminous instruments, totaling 9,430 units installed to date [7] - The company has effectively reduced costs and improved efficiency, with a notable decrease in sales, management, and R&D expense ratios, leading to a substantial increase in net profit growth in Q2 [8]