SUNWODA(300207) 中泰证券·2024-09-05 03:31Investment Rating - The report maintains a "Buy" rating for the company, with a market price of 16.75 CNY [1][6]. Core Insights - The company's H1 2024 performance aligns with the forecasted median, showing an increase in profitability within the consumer electronics sector [2]. - The revenue for H1 2024 reached 23.92 billion CNY, a year-on-year increase of 7.6%, while the net profit attributable to shareholders was 820 million CNY, up 87.9% year-on-year [2]. - The report highlights a significant recovery in the consumer electronics segment, with Q2 2024 revenue growing by 10.1% year-on-year and 17.9% quarter-on-quarter, driven by a resurgence in global smartphone and PC sales [2]. - The company has improved its profitability, with a gross margin of 16.6% in Q2 2024, reflecting a year-on-year increase of 1.5 percentage points [2]. - The self-supply ratio of 3C battery cells continues to rise, enhancing product value and profitability, with the gross margin for consumer batteries reaching 18.1% in H1 2024, up 4.1 percentage points year-on-year [2]. - The investment recommendation has been adjusted upwards, with projected net profits for 2024-2026 revised to 1.68 billion, 2.07 billion, and 2.44 billion CNY, respectively [2]. Financial Summary - The company's total revenue for 2023 is projected at 47.86 billion CNY, with a growth rate of -8% year-on-year, while the forecast for 2024 is 54.92 billion CNY, representing a 15% growth [1]. - The net profit for 2023 is estimated at 1.08 billion CNY, with a slight increase of 1% year-on-year, while the forecast for 2024 is 1.68 billion CNY, indicating a significant growth of 56% [1]. - The earnings per share (EPS) for 2024 is projected at 0.58 CNY, increasing to 1.31 CNY by 2026 [1].