HAOYANG(300833) 海通证券·2024-09-11 07:52Investment Rating - The investment rating for the company is "Outperform the Market" [1] Core Views - The company reported a revenue of 669 million yuan for the first half of 2024, a year-on-year decrease of 5.68%, and a net profit attributable to shareholders of 203 million yuan, down 9.10% year-on-year [5] - In Q2 2024, the company achieved a revenue of 354 million yuan, a decline of 6.67% year-on-year, and a net profit of 102 million yuan, down 17.16% year-on-year [5] - The company has improved its gross margin to 51.85%, an increase of 1.21 percentage points year-on-year, while the overall net profit margin decreased by 1.07 percentage points to 30.59% [5] - The acquisition of Danish SGM Light for 3 million euros is expected to enhance the company's high-end brand in architectural lighting and broaden its international sales channels [5] Financial Performance - The company forecasts net profits of 435 million yuan and 531 million yuan for 2024 and 2025, respectively, with year-on-year growth rates of 18.9% and 21.8% [6] - The projected P/E ratios for 2024 and 2025 are 10.7 and 8.8, respectively, with a reasonable valuation range of 61.92 to 68.80 yuan based on comparable companies [6] - Revenue is expected to grow from 1.305 billion yuan in 2023 to 1.872 billion yuan in 2025, reflecting a compound annual growth rate [7] Business Segmentation - The company's OBM revenue reached 433 million yuan, a year-on-year increase of 2.30%, while ODM revenue was 190 million yuan, down 27.45% year-on-year [5] - The company has increased its R&D expenses, leading to a rise in the management expense ratio to 7.00% and R&D expense ratio to 5.23% [5] Market Comparison - The company’s stock price closed at 36.77 yuan on September 10, with a market capitalization of 4.651 billion yuan [1] - The stock has experienced a 52-week price fluctuation between 36.30 and 115.72 yuan [1]