24H1 公司期间费用率为8.32%，同比-0.99pct。其中，销售、管理、研发、财务费率分别为0.80%/4.69%/5.11%/-2.27%，同比+0.08/+0.65/-1.34/-0.39pct。Incident: On August 25, 2024, the company released its 24-year semi-annual report. 24H1 achieved revenue of 0.955 billion yuan, +31.84% YoY; net profit to mother 0.095 billion yuan, +76.34% YoY.
The results exceeded expectations. Looking at a single quarter, 24Q2 achieved revenue of 0.541 billion yuan, +19.59% YoY, +30.63% month-on-month; net profit to mother 0.055 billion yuan, +57.17% YoY, +35.47%. The sharp year-on-year increase in the company's performance was mainly due to: 1) the company is deeply involved in high-value projects, and shipments of some projects exceeded expectations; 2) the company mainly sold overseas in US dollars, and the exchange rate of the US dollar to RMB remained high in the first half of the year compared to the same period last year; 3) the amount of government subsidies received by the company increased year on year.
24Q2 gross margin increased month-on-month, and the expense ratio declined slightly during the period. 1) Gross profit margin: 24H1 company's gross margin was 18.12%, -1.24pct year-on-year. Among them, 24Q2 gross margin was 19.83%, +0.45pct year over year and +3.94pct month-on-month. The year-on-month increase in gross margin in 24Q2 is mainly due to customer restructuring. 2) Period rate:
The cost rate for the 24H1 company period was 8.32%, -0.99pct year-on-year. Among them, sales, management, R&D, and finance rates were 0.80%/4.69%/5.11%/-2.27%, respectively, +0.08/+0.65/-1.34/ -0.39pct.
Deeply involved in the electroacoustic industry for 30 years, actively developing new products and new customers. 1) Clients: With technical advantages and manufacturing advantages, we work closely with high-quality domestic and foreign customers (brands) such as overseas H customers, Sennheiser, Philips, Motorola, Pirate Ship, Nothing, Demant Group, GN Group, PhD, Decathlon, Marshall, Anker, OPPO, VIVO, and Communication Holdings.
2) Product side: Extend the layout of smart speakers and AR/VR glasses, which is expected to become a new growth point after release.
Extend the layout of health care and open up the ceiling for performance growth. 1) Medical hearing aids: Currently, the company's OTC hearing aids have been sold through domestic online channels, and overseas trademark registration and team building are expected to accelerate the expansion of overseas markets in the future, contributing to a significant increase in performance. 2) Smart ring: With the entry of major manufacturers such as Samsung, smart ring products are expected to accelerate penetration. The company's smart ring Mring is now on sale at the JD flagship store, which is expected to accelerate volume and help increase performance.
Profit forecast: Based on the equity incentive costs that the company will incur in 24 years, net profit due to mother is expected to be 0.181, 0.241, and 0.335 billion yuan respectively in 2024-26, maintaining a “buy” rating.
Risk warning: New product development falls short of expectations, consumer electronics demand is slowing down, and there is a risk of exchange rate fluctuations.