HWHG(SH:600079) KAIYUAN SECURITIES·2024-07-28 22:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4]. Core Insights - The company achieved revenue of 12.861 billion yuan in H1 2024, representing a year-on-year increase of 3.86%. The net profit attributable to the parent company was 1.089 billion yuan, up 1.68% year-on-year. The gross margin was 46.78%, an increase of 1.18 percentage points, while the net margin decreased by 2.33 percentage points to 11.32% [4]. - The company is actively promoting its "core focus" strategy, enhancing the core competitiveness of its subsidiaries. Notably, Yichang Renfu's revenue grew by 11.78% to 4.502 billion yuan, with a net profit increase of 17.59% to 1.425 billion yuan [5]. - The company is making steady progress in its R&D projects, with several new products approved and a global market presence established, covering both mature and emerging markets [6]. Financial Performance Summary - For H1 2024, the company reported a revenue of 12.861 billion yuan, with a year-on-year growth of 3.86%. The net profit attributable to the parent company was 1.089 billion yuan, reflecting a growth of 1.68% [4]. - The company's financial forecasts for 2024 to 2026 predict revenues of 27.187 billion yuan, 30.319 billion yuan, and 34.026 billion yuan, respectively, with net profits of 2.460 billion yuan, 3.046 billion yuan, and 3.627 billion yuan [7]. - The projected EPS for 2024, 2025, and 2026 are 1.51 yuan, 1.87 yuan, and 2.22 yuan, respectively, with corresponding P/E ratios of 12.9, 10.4, and 8.7 [4][7].