安徽合力：2024年中报点评：Q2归母净利润同比+5%，出海引领增长

Investment Rating - The report maintains a "Buy" rating for Anhui Heli (600761) [1] Core Views - The company's performance is generally in line with expectations, with significant growth in overseas markets. In the first half of 2024, the company achieved operating revenue of 9.01 billion yuan, a year-on-year increase of 3.3%, and a net profit attributable to shareholders of 800 million yuan, up 22.0% year-on-year [2][9] - The gross margin has improved significantly, with a gross margin of 21.6% in the first half of 2024, an increase of 1.8 percentage points year-on-year. The net profit margin also rose to 9.6%, up 1.1 percentage points year-on-year [2][10] - The company is expected to maintain steady growth, driven by lithium battery electrification, globalization, and after-market services. The domestic market is at a low point, but policies for environmental protection and equipment updates are expected to provide support [2][9] Summary by Sections Financial Performance - In Q2 2024, the company achieved revenue of 4.7 billion yuan, a year-on-year increase of 4.1%, and a net profit of 410 million yuan, up 4.5% year-on-year. The overseas revenue reached 3.5 billion yuan, growing 21% year-on-year, accounting for 39% of total revenue [2][9] - The company’s operating income is projected to reach 19.8 billion yuan in 2024, with a year-on-year growth of 13.34% [1][14] Profitability Metrics - The company’s sales expense ratio, management expense ratio, and R&D expense ratio have all increased, reflecting the company's proactive investment in overseas expansion and new product development [2][10] - The net profit attributable to shareholders is forecasted to be 1.53 billion yuan in 2024, with a growth rate of 19.82% [1][14] Market Outlook - The report highlights the potential for growth in the lithium battery market, with domestic and overseas electrification rates at 19% and 13%, respectively, indicating significant room for improvement [2][9] - The company’s strategy of enhancing its business structure and increasing the proportion of high-margin products is expected to support profit growth [2][9]