金奥博：2024年半年报点评：上半年业绩高速增长，三大业务协同效应显著

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company achieved significant growth in the first half of 2024, with revenue of 747 million yuan, a year-on-year increase of 14.33%, and a net profit attributable to shareholders of 72 million yuan, up 54.11% [1] - The company has demonstrated improved profitability through cost control and the synergistic effects of its three main business segments [1] - The company is positioned as a leader in the intelligent equipment for civil explosives, with potential for expansion into multiple fields, including military applications [1][2] - The company is actively expanding its overseas market presence, having established production lines in over 20 international markets [1] Summary by Sections Financial Performance - In H1 2024, the company reported a revenue of 747 million yuan, with a net profit of 72 million yuan, and a non-recurring net profit of 68 million yuan [1] - The second quarter of 2024 saw revenue of 429 million yuan, a 5.08% increase year-on-year, and a net profit of 57 million yuan, up 38.67% [1] - The overall gross margin for H1 2024 was 34.31%, an increase of 3.3 percentage points year-on-year [1] Business Segments - The professional equipment segment generated 91 million yuan in revenue, a 29.25% increase year-on-year [1] - The chemical materials segment reported revenue of 207 million yuan, a 6.98% increase [1] - The civil explosives segment achieved revenue of 437 million yuan, up 18.20% year-on-year [1] Market Outlook - The company is expected to face challenges in the civil explosives sector due to a general decline in demand, leading to a downward revision of net profit forecasts for 2024 and 2025 [2] - The company is projected to achieve a net profit of 158 million yuan in 2024, 254 million yuan in 2025, and 313 million yuan in 2027 [2] - The report anticipates that the company's integrated layout in civil explosives will enhance its market position and profitability in the future [2]