长虹美菱：2024Q2业绩略超预期，现金流健康

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company reported a slight earnings beat in Q2 2024, with total revenue of 14.948 billion yuan, a year-on-year increase of 16.52%, and a net profit attributable to shareholders of 415 million yuan, up 15.91% [1] - The core product categories showed strong growth, particularly in air conditioning and washing machines, with revenue growth rates of 21.47% and 40.65% respectively [1] - The company experienced a decline in gross margin due to rising raw material prices, with Q2 2024 gross margin at 9.89%, down 1.82 percentage points year-on-year [1] - Healthy cash flow was reported, with operating cash flow net amounting to 2.842 billion yuan, a year-on-year increase of 59.45% [1] - The company is expected to achieve net profits of 800 million, 925 million, and 1.066 billion yuan for 2024, 2025, and 2026 respectively, with growth rates of 7.9%, 15.6%, and 15.3% [1] Financial Summary - For 2024, the company is projected to achieve total revenue of 27.621 billion yuan, with a year-on-year growth rate of 13.9% [3] - The net profit for 2024 is estimated at 800 million yuan, reflecting a growth rate of 7.9% [3] - The earnings per share (EPS) is expected to be 0.78 yuan for 2024, with a projected price-to-earnings (P/E) ratio of 10.3 [3] - The return on equity (ROE) is projected to be 12.9% for 2024, indicating a stable profitability outlook [3]