中钨高新：2024Q2营收稳健增长，净利润承压

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 6.807 billion yuan for H1 2024, representing a year-on-year growth of 3.98%, while the net profit attributable to shareholders decreased by 39.30% to 147 million yuan [1][2] - In Q2 2024, the company achieved a revenue of 3.840 billion yuan, a year-on-year increase of 10.06% and a quarter-on-quarter increase of 29.44%, with a net profit of 83 million yuan, down 41.62% year-on-year but up 30.16% quarter-on-quarter [1][2] - The overall demand in the downstream market is under pressure, yet the company managed to maintain steady revenue growth, particularly with a more than 20% increase in sales of CNC cutting blades [2] - The company is experiencing pressure on profitability due to rising raw material prices and weak demand, with a gross margin of 14.91% in H1 2024, down 1.34 percentage points year-on-year [2] - The acquisition of the Shizhu Garden mining company is expected to enhance the company's operational stability and performance by integrating upstream resources into its business [2] Summary by Sections Financial Performance - H1 2024 revenue: 68.07 billion yuan, up 3.98% YoY; net profit: 1.47 billion yuan, down 39.30% YoY [1] - Q2 2024 revenue: 38.40 billion yuan, up 10.06% YoY, up 29.44% QoQ; net profit: 0.83 billion yuan, down 41.62% YoY, up 30.16% QoQ [1] - H1 2024 gross margin: 14.91%, down 1.34pp YoY; net margin: 2.66%, down 1.62pp YoY [2] Business Segments - Cutting tools and tools revenue: 1.572 billion yuan, up 9.44% YoY; CNC blade sales exceeded 60 million pieces, up over 20% [2] - Other hard alloys revenue: 1.695 billion yuan, down 5.75% YoY; refractory metals revenue: 1.221 billion yuan, up 16.53% YoY; powder products revenue: 1.551 billion yuan, up 20.79% YoY; trade and equipment revenue: 768 million yuan, down 21.61% YoY [2] Future Outlook - The company forecasts net profits of 520 million yuan, 630 million yuan, and 740 million yuan for 2024, 2025, and 2026 respectively, with a compound annual growth rate of 15% [2]