NBOND(603238) 广发证券·2024-09-12 07:40Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 12.43 CNY per share, based on a 20x PE valuation for 2024 [3]. Core Views - The company reported a revenue of 1.005 billion CNY for H1 2024, representing a year-on-year increase of 16.64%. The net profit attributable to shareholders was 44.4 million CNY, up 44.35% year-on-year, while the net profit excluding non-recurring items was 39 million CNY, reflecting a 50.29% increase [1]. - In Q2 2024, the company achieved a revenue of 568 million CNY, a 22.38% increase year-on-year, with a net profit of 24 million CNY, up 16.61% year-on-year [1]. - The growth in performance is attributed to the company's focus on R&D for differentiated and personalized functional products, consolidating its high-end market advantage, and adjusting the product structure and pricing strategy to penetrate the mid-to-low-end market [1]. - The company experienced a decline in gross margin due to intense competition in the mid-to-low-end market, with a gross margin of 14.77% for H1 2024, down 1.00 percentage points year-on-year [1]. - The report forecasts EPS for 2024, 2025, and 2026 to be 0.62 CNY, 0.74 CNY, and 0.89 CNY per share, respectively, indicating a strong growth trajectory [2]. Financial Summary - For 2024E, the company is expected to generate a revenue of 2.308 billion CNY, with a growth rate of 20.5% [2]. - The projected net profit for 2024E is 110 million CNY, reflecting a growth rate of 33.5% [2]. - The company’s EBITDA for 2024E is estimated at 240 million CNY, with a corresponding P/E ratio of 15.08 [2]. - The report highlights a significant improvement in return on equity (ROE), projected to reach 7.7% in 2024E [2].