Investment Rating - The report maintains a "Buy" rating for the company [8]. Core Insights - The company reported a 24.5% year-on-year increase in revenue for H1 2024, reaching 11.47 billion yuan, and a 29.0% increase in net profit attributable to shareholders, amounting to 6.71 billion yuan [5][6]. - In Q2 2024, revenue grew by 20.8% year-on-year to 6.71 billion yuan, with net profit increasing by 11.9% to 1.09 billion yuan, both figures falling within the forecast range [5][6]. - The company is expected to achieve strong performance in 2024 due to low base effects and improved downstream inventory, with projected net profits for 2024-2026 at 3.90 billion, 4.53 billion, and 5.24 billion yuan, respectively [8][6]. Summary by Sections Financial Performance - For H1 2024, the company achieved a revenue of 11.47 billion yuan, a 24.5% increase year-on-year, and a net profit of 6.71 billion yuan, up 29.0% [5][6]. - Q2 2024 figures show revenue of 6.71 billion yuan, a 20.8% increase, and net profit of 1.09 billion yuan, an 11.9% increase [5][6]. Market Outlook - The company is expected to benefit from improved order intake driven by low base effects and inventory recovery, with a strong confidence in profit margins during the capacity expansion phase [8][6]. - Long-term strategies include expanding customer base and production capacity, with anticipated growth in overseas markets once the consumption environment stabilizes [8][6].
华利集团2024年半年度业绩快报点评：业绩位于预告上限，稳定性&成长性持续得验证