LIUGONG(SZ:000528) Tianfeng Securities·2024-07-16 10:02Investment Rating - The investment rating for the company is "Buy" with a maintained rating for the next six months [5]. Core Views - The company is expected to achieve a net profit attributable to shareholders of between 390 to 550 million yuan in Q2 2024, representing a year-on-year increase of 31% to 83%, with a midpoint of 470 million yuan, which is a 57% increase year-on-year [2]. - The company is actively addressing unfavorable factors in both international and domestic markets, focusing on "profit growth, business growth, and capability enhancement" as its core tasks, leading to significant improvements in operational efficiency and market share [2]. - The company has announced a share buyback plan to enhance shareholder value, with a total buyback amount ranging from 100 million to 200 million yuan [3]. - The company has reported strong performance in overseas markets, with overseas sales revenue exceeding 10 billion yuan in 2023, marking a year-on-year growth of over 41% [3]. Financial Summary - The company forecasts a net profit attributable to shareholders of 890 to 1,040 million yuan for the first half of 2024, reflecting a year-on-year increase of 45% to 70%, with a midpoint of 970 million yuan, which is a 57% increase year-on-year [8]. - Revenue projections for 2024 to 2026 are estimated at 30,189 million, 35,405 million, and 42,102 million yuan, respectively, with year-on-year growth rates of 9.7%, 17.28%, and 18.91% [9]. - The net profit attributable to shareholders for 2024 to 2026 is projected to be 1,425 million, 2,011 million, and 2,721 million yuan, respectively, with year-on-year growth rates of 64.2%, 41.13%, and 35.31% [9]. - The company’s total assets are expected to grow from 46,578 million yuan in 2023 to 55,614 million yuan by 2026 [13].