豪美新材：汽车轻量化业务增速亮眼，费用压降实现利润高增

Investment Rating - The report maintains a "Buy" rating for the company, with a target price reflecting a favorable outlook for the next six months [6]. Core Insights - The company achieved a revenue of 3.121 billion, representing a year-on-year increase of 16.89%, and a net profit attributable to shareholders of 124 million, up 84% year-on-year [1]. - The significant profit growth is attributed to a reduction in expense ratio by 1.55 percentage points, leading to improved profitability [1]. - The company has announced a three-year dividend plan, committing to distribute at least 30% of the average annual distributable profit over the next three years, with a cash dividend of 60 million in the first half of the year, resulting in a dividend payout ratio of 49% and a dividend yield of 1.7% [1]. - The company is expected to achieve net profits of 240 million, 310 million, and 410 million for the years 2024 to 2026, corresponding to P/E ratios of 15.1, 11.5, and 8.8 respectively [1]. Summary by Sections Automotive Lightweight Business - The automotive lightweight segment showed impressive growth, with sales revenue reaching 770 million, a year-on-year increase of 63.63% [2]. - The company has expanded its production capacity with a new project that can produce 20,000 tons of aluminum alloy profiles and 2 million sets of deep-processed components [2]. - The segment introduced 32 new projects in the first half of 2024, achieving a sales volume of approximately 30,000 tons, which is a 50.78% increase year-on-year [2]. System Windows Business - The system windows segment generated revenue of 237 million, reflecting a year-on-year growth of 26.9% [3]. - The gross margin for this segment was 25.5%, although it saw a decline of 1.65 percentage points [3]. - The company is actively enhancing its market presence through exhibitions and targeted marketing strategies, aiming to increase market share and participate in bidding projects with state-owned enterprises [3]. Cost Management and Cash Flow - The overall gross margin for the first half of 2024 was 12.2%, with a slight year-on-year decline of 0.09 percentage points [4]. - The company successfully reduced its expense ratio to 7.95%, down 1.55 percentage points year-on-year, contributing to a net profit margin of 3.94%, which is an increase of 1.47 percentage points [4]. - However, cash flow from operations was negative at -15 million, primarily due to an increase in accounts receivable [4].