华铁应急：设备管理规模持续扩张，海南国资精准赋能助力长期发展

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of approximately 2.359 billion yuan for the first half of 2024, representing a year-on-year increase of 21.68%, with a net profit attributable to shareholders of about 335 million yuan, up 3.03% year-on-year [2][3] - The company is experiencing a decline in the rental rate of aerial work platforms, leading to a decrease in gross margin [2][3] - The company has completed a change in control, with state-owned assets from Hainan Province becoming the controlling shareholder, which is expected to provide support for long-term development [3][4] Financial Performance - For the first half of 2024, the company achieved total revenue of 2.359 billion yuan, with the aerial work platform rental service contributing 1.783 billion yuan, a year-on-year increase of 32.76% [2] - The gross margin for the first half of 2024 was approximately 43.01%, down 2.25 percentage points year-on-year [2] - The operating cash flow for the first half of 2024 was 1.148 billion yuan, a significant increase of 83.06% year-on-year [3] Business Expansion - The company’s core business of aerial work platform equipment management reached a scale of 151,300 units, growing 24.92% compared to the end of 2023 [3] - The company has established a comprehensive online and offline marketing network, adding 56 offline outlets, bringing the total to 330 [3] - The company has signed strategic cooperation agreements with multiple financial institutions to lower financing costs and support business integration [3][4] Future Outlook - The company is expected to accelerate the expansion of its aerial work platform management scale and explore innovative leasing businesses, which may open up new growth opportunities [4] - The profit forecast for the company for 2024-2026 is adjusted to 916 million, 1.116 billion, and 1.398 billion yuan, with corresponding P/E ratios of 9.76, 8.02, and 6.40 times [4]