HXG(SH:603112)2024-08-21 01:10Investment Rating - The report maintains a "Buy" investment rating for the company [5] Core Views - The company achieved a revenue of 1.93 billion yuan in H1 2024, representing a year-on-year growth of 25.74%, and a net profit attributable to shareholders of 231 million yuan, up 30.92% year-on-year [4] - The white goods business is experiencing high demand, with air conditioning and refrigerator sales showing significant growth, leading to a production increase of compressors to 300 million units, a 13% year-on-year rise [4] - The company is expected to benefit from cost advantages in electricity prices, allowing for both upstream cost reductions and downstream value addition [5] Financial Summary - For H1 2024, the company reported a gross profit margin of 21.42%, a decrease of 1.95 percentage points year-on-year, primarily due to changes in favorable electricity pricing policies [4] - The company forecasts net profits of 501 million yuan, 603 million yuan, and 708 million yuan for 2024, 2025, and 2026 respectively, with corresponding year-on-year growth rates of 29%, 20%, and 17% [5][6] - The projected earnings per share for 2024, 2025, and 2026 are 1.15 yuan, 1.38 yuan, and 1.62 yuan respectively [6][7]