HPGC(600664) Xinda Securities·2024-08-23 07:30Investment Rating - The investment rating for the company is "Buy" with the previous rating also being "Buy" [1]. Core Views - The report highlights a significant growth in the company's performance, with a 102% year-on-year increase in net profit excluding non-recurring items for the first half of 2024 [1]. - The company's total revenue for H1 2024 reached 8.142 billion yuan, representing a 6% year-on-year growth [1]. - The industrial segment showed a robust performance with a 30% year-on-year increase, driven by marketing reforms and product restructuring [1]. Financial Performance Summary - For H1 2024, the company achieved a net profit attributable to shareholders of 343 million yuan, up 88% year-on-year, and a net profit excluding non-recurring items of 312 million yuan, up 102% year-on-year [1]. - In Q2 2024 alone, the company reported a revenue of 4 billion yuan, a 6% increase year-on-year, and a net profit of 167 million yuan, reflecting a 176% year-on-year growth [1]. - The industrial segment's net profit margin reached 7.67%, indicating a potential for further improvement in profitability [1]. Revenue and Profit Forecast - The company is projected to achieve revenues of 16.359 billion yuan, 17.823 billion yuan, and 19.456 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of approximately 6%, 9%, and 9% [1][3]. - The forecasted net profit attributable to shareholders for the same years is expected to be 610 million yuan, 763 million yuan, and 960 million yuan, with year-on-year growth rates of 54.3%, 25.1%, and 25.7% [1][3].