SHANTUI(000680) 中泰证券·2024-08-23 09:39Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative performance increase of over 15% in the next 6 to 12 months compared to the benchmark index [10]. Core Insights - The company reported a significant increase in both revenue and net profit for the first half of 2024, with revenue reaching 6.508 billion yuan, a year-on-year growth of 33.81%, and net profit attributable to shareholders at 418 million yuan, up 38.49% [3][4]. - The domestic revenue growth turned positive, while overseas performance continued to grow significantly, with domestic sales reaching 2.301 billion yuan (up 22.37%) and overseas sales at 3.625 billion yuan (up 44.41%) [4]. - The company is recognized as a leader in the bulldozer industry, with a strong product lineup and significant growth in excavator exports, which increased by over 70% [4][5]. Financial Performance Summary - The company achieved a revenue of 10.541 billion yuan in 2023, with a projected increase to 12.688 billion yuan in 2024, reflecting a growth rate of 20% [2][8]. - Net profit is expected to grow from 765 million yuan in 2023 to 951 million yuan in 2024, representing a year-on-year increase of 24% [2][8]. - The gross profit margin for the main business was reported at 17.50%, with a slight decrease compared to the previous year [4]. Growth and Market Strategy - The company is actively expanding its overseas market presence, with a target of achieving 8.5 billion yuan in overseas revenue in 2024, a growth of 44.6% [5]. - The establishment of new subsidiaries and partnerships in various regions, including Africa and Europe, is aimed at enhancing sales channels and market reach [5]. - Continuous investment in research and development is evident, with R&D expenses amounting to 215 million yuan, accounting for 3.31% of revenue [4].