supor(SZ:002032) Huaan Securities·2024-07-25 08:07Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported H1 2024 performance exceeding market expectations, with revenue of 10.965 billion (up 9.84%) and net profit attributable to the parent company of 941 million (up 6.81%) [1] - Q2 revenue was 5.586 billion (up 11.29%), with net profit of 471 million (up 6.40%) [1] - The growth in revenue was primarily driven by strong export performance, with Q2 exports estimated at 2.069 billion (up 35%) due to overseas clients reducing inventory and a low base effect [1] - The company is preparing to expand its brand internationally, differentiating itself from competitors [1] Revenue Analysis - Q2 domestic sales are expected to be approximately 3.517 billion, with a year-on-year growth of 1%, outperforming the industry due to increased market share in key product categories [1] - The company anticipates a total of 6.2 billion in related transactions for 2024, with a growth forecast of 4.5% [1] Profit Analysis - Q2 gross margin is expected to be under pressure, with a net profit margin of 8.43%, down 0.37 percentage points year-on-year and 0.30 percentage points quarter-on-quarter [1] - The company aims to focus on efficiency improvements and product innovation to balance costs [1] Earnings Forecast - The revenue forecast for 2024-2026 has been adjusted upwards, with expected revenues of 22.9 billion (previously 22.6 billion), 24.4 billion (previously 23.9 billion), and 25.7 billion respectively, reflecting year-on-year growth rates of 7.5%, 6.4%, and 5.3% [1][2] - Net profit attributable to the parent company is projected to be 2.387 billion (previously 2.387 billion), 2.599 billion (previously 2.599 billion), and 2.801 billion, with year-on-year growth rates of 9.5%, 8.9%, and 7.7% [2][3] Financial Metrics - Key financial metrics for 2024E include a revenue of 22.894 billion, net profit of 2.387 billion, and a gross margin of 26.3% [2][3] - The company maintains a strong return on equity (ROE) of 35.1% for 2024E [2][5]