SIEYUAN(SZ:002028) Guolian Securities·2024-08-20 01:03Investment Rating - The report maintains a "Buy" rating for the company [7][10]. Core Insights - The company has been expanding its overseas market, achieving a 40.04% year-on-year increase in overseas revenue, totaling 1.515 billion yuan in the first half of 2024, which accounts for 24.56% of total revenue [4][10]. - The gross margin for overseas operations improved to 33.82%, up by 1.52 percentage points year-on-year [4][10]. - The company is adapting its market entry strategies and product mix based on target market demands, enhancing its competitive edge through multi-channel sales and customized services [4][10]. - The company is expected to see continued growth in both domestic and overseas markets, with a focus on renewable energy and industrial markets [10]. Financial Performance Summary - In the first half of 2024, the company reported total revenue of 6.166 billion yuan, a 16.27% increase year-on-year, and a net profit attributable to shareholders of 888 million yuan, up 26.64% year-on-year [10]. - For Q2 2024, revenue reached 3.509 billion yuan, reflecting a 12.05% year-on-year increase and a 32.03% quarter-on-quarter increase [10]. - The company’s revenue from coil products saw a significant increase of 50.48% year-on-year [10]. - The company’s earnings per share (EPS) are projected to be 2.67 yuan, 3.33 yuan, and 4.02 yuan for 2024, 2025, and 2026, respectively [10][11]. Revenue and Profit Forecast - The company’s projected revenues for 2024, 2025, and 2026 are 15.213 billion yuan, 18.709 billion yuan, and 22.835 billion yuan, respectively, with year-on-year growth rates of 22.09%, 22.98%, and 22.06% [11]. - The net profit attributable to shareholders is expected to be 2.068 billion yuan, 2.576 billion yuan, and 3.115 billion yuan for the same years, with growth rates of 32.63%, 24.58%, and 20.92% [11].