SOLEX(603992) 长城证券·2024-08-23 06:07Investment Rating - The report maintains a rating of "Accumulate" for the company [1][4]. Core Views - The company's overseas business continues to perform well, leading to expected earnings growth. The report forecasts net profits for 2024-2026 to be 4.82 billion, 5.84 billion, and 7.16 billion respectively, with year-on-year growth rates of 37%, 21%, and 23% [4]. - The company reported a 3.77% year-on-year increase in revenue for the first half of 2024, reaching 1.448 billion, and a significant 83.69% increase in net profit to 221 million [1][2]. - The report highlights a decrease in expense ratios and an increase in net profit margins, with a net profit margin of 15.28%, up 5.54 percentage points year-on-year [1]. Financial Performance Summary - Revenue for 2022 was 3,181 million, with a projected increase to 3,625 million in 2024, reflecting a year-on-year growth rate of 21.5% [1]. - The net profit for 2022 was 261 million, expected to rise to 482 million in 2024, indicating a growth rate of 36.9% [1]. - The company's return on equity (ROE) improved from 12.0% in 2022 to a projected 17.0% in 2024 [1]. - The earnings per share (EPS) increased from 0.64 in 2022 to an expected 1.18 in 2024 [1]. Business Segment Performance - The kitchen and bathroom segment generated 1.271 billion in revenue for the first half of 2024, a year-on-year increase of 6.01%, while the beauty and health segment saw a slight decline [1]. - Overseas revenue reached 1.063 billion in the first half of 2024, up 15.51% year-on-year, while domestic revenue fell by 18.98% to 385 million due to macroeconomic factors [1]. Shareholder Returns - The company announced a cash dividend plan for the first half of 2024, proposing a distribution of 2.7 yuan per 10 shares, totaling 110 million, which represents 49.79% of the net profit [2].