Keda Group(SH:600499) Tianfeng Securities·2024-08-22 04:30Investment Rating - The report maintains a "Buy" rating for the company [4][6] Core Views - The company reported a revenue of 5.494 billion yuan for H1 2024, representing a year-on-year increase of 15.74%, while the net profit attributable to shareholders decreased by 64.16% to 454 million yuan [1] - The ceramic machinery business showed strong growth in orders, but profits were significantly pressured due to exchange losses and increased costs in lithium carbonate [1][2] - The company is accelerating its overseas business expansion, with overseas revenue accounting for over 60% of total revenue in H1 2024 [2] Financial Performance Summary - In H1 2024, the company achieved revenues of 2.71 billion yuan from building materials machinery, 1.98 billion yuan from overseas ceramics, and 300 million yuan from lithium battery materials, with respective year-on-year growth rates of 29.0%, 4.0%, and a decline of 26.6% [2] - The overall gross margin for H1 2024 was 25.6%, down 6.13 percentage points year-on-year, with a net profit margin of 10.09%, down 25.81 percentage points year-on-year [3] - The company’s cash flow from operations for H1 2024 was 258 million yuan, an increase of 306 million yuan year-on-year [3] Financial Forecasts - The company’s projected net profit attributable to shareholders for 2024, 2025, and 2026 is 1.412 billion yuan, 1.658 billion yuan, and 1.938 billion yuan respectively, reflecting downward adjustments from previous estimates [4][5] - The company’s PE ratio (TTM) is 10.1 times, and the dividend yield (TTM) is 4.83% [4][6]