ZMD(SH:688636) Minsheng Securities·2024-08-15 01:30Investment Rating - The report maintains a "Recommended" rating for the company [1][3] Core Views - The company reported a significant decline in revenue and net profit for the first half of 2024, with revenue at 160 million yuan, down 47.8% year-on-year, and a net profit of 1.7 million yuan, down 95.8% year-on-year [1] - The decrease in performance is attributed to industry conditions, with delays in multi-model orders and lower-than-expected new orders leading to reduced deliveries [1] - Despite the revenue decline, the gross margin improved in Q2 2024, reaching 51.5%, an increase of 8.69 percentage points year-on-year [1] - The company continues to focus on technology research and development, with a 18% increase in new projects in the first half of 2024, totaling 120 projects [1] - Inventory increased by 19% compared to the beginning of the year, indicating sustained demand [1] Financial Summary - For the first half of 2024, the company achieved a revenue of 160 million yuan, with a gross margin of 50.0% and a net margin of 1.1% [1] - The company’s projected net profits for 2024 to 2026 are adjusted to 112 million yuan, 152 million yuan, and 204 million yuan respectively, with corresponding PE ratios of 23x, 17x, and 12x [1][4] - The company’s total revenue is forecasted to grow from 717 million yuan in 2024 to 1.285 billion yuan in 2026, with a net profit growth rate of 16.3% in 2024 and 35.4% in 2025 [4]