长虹华意：产品结构优化，业绩表现亮眼

Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [1][3]. Core Views - The company reported a total revenue of 6.73 billion yuan for the first half of 2024, a year-over-year decrease of 13%, while the net profit attributable to shareholders increased by 38% to 230 million yuan [1]. - The report highlights the optimization of product structure and strong performance in the compressor segment, particularly in the domestic and export markets [1][2]. - The company is expected to see revenue growth in the coming years, with projected revenues of 11.4 billion yuan in 2024, 12.0 billion yuan in 2025, and 12.8 billion yuan in 2026 [3]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved a gross profit margin of 11.4%, an increase of 1.5 percentage points year-over-year [2]. - For the second quarter of 2024, the gross profit margin was 12.8%, with a net profit margin of 6.0%, reflecting year-over-year increases of 1.5 and 1.7 percentage points, respectively [2]. - The company’s compressor segment reported a gross margin of 12%, while the new energy vehicle air conditioning compressor segment achieved a gross margin of 13.3% [2]. Revenue Breakdown - The company’s revenue from compressors reached 5.64 billion yuan, a year-over-year increase of 11%, with sales volume growing by 15.8% [1]. - The new energy vehicle air conditioning compressor segment generated 171 million yuan, reflecting a year-over-year growth of 42% [1]. Future Projections - The company is projected to achieve a net profit of 455 million yuan in 2024, 513 million yuan in 2025, and 579 million yuan in 2026, with corresponding earnings per share of 0.65 yuan, 0.74 yuan, and 0.83 yuan [3]. - The report anticipates a gradual recovery in revenue growth starting in 2025, with expected growth rates of 5.3% in 2025 and 6.2% in 2026 [5].