科达制造：汇兑损失及锂电拖累业绩，海外业务拓展进程加快

Investment Rating - The report maintains a "Buy" rating for the company [4][6] Core Insights - 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, contributing to revenue expansion, but profits were significantly pressured due to foreign exchange losses and increased costs in lithium carbonate [1][2] - The overseas business expansion is accelerating, with overseas revenue accounting for over 60% of total revenue in H1 2024 [2] Financial Performance - The company’s comprehensive 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 [3] - The financial expenses increased primarily due to foreign exchange losses of 180 million yuan and increased interest expenses [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] Business Segmentation - In H1 2024, the company’s revenue from building materials machinery, overseas ceramics, and lithium battery materials was 2.71 billion, 1.98 billion, and 300 million yuan, respectively, with year-on-year growth rates of 29.0%, 4.0%, and a decline of 26.6% [2] - The production of tiles reached 84 million square meters, a 20% increase year-on-year, despite pressure on margins from increased competition and currency fluctuations [2] Valuation Metrics - As of August 21, 2024, the company’s P/E ratio (TTM) was 10.1 times, and the dividend yield (TTM) was 4.83% [4][6] - The forecast for net profit attributable to shareholders for 2024-2026 has been adjusted to 1.412 billion, 1.658 billion, and 1.938 billion yuan, respectively [4]