Investment Rating - The investment rating for the company is maintained at "Buy - A" with a target price of 10.35 CNY per share, corresponding to a PE of 15x for 2024 [4][3]. Core Insights - The company reported a significant increase in net profit for Q2 2024, achieving 100 million CNY, which represents a year-on-year growth of 131.5%. The non-recurring net profit also reached 100 million CNY, with a year-on-year increase of 88.0% [1][3]. - The revenue for the first half of 2024 was 1.39 billion CNY, marking a year-on-year growth of 42.4%. Notably, overseas revenue accounted for 1.2 billion CNY, growing by 54.5% year-on-year, which constitutes 85.9% of total revenue [2][3]. - The gross margin for Q2 2024 was 31.4%, an increase of 0.7 percentage points year-on-year, driven by higher overseas orders and lower raw material costs, particularly stainless steel, which saw a year-on-year decrease of 5.9% [3][2]. - The company effectively controlled its expenses, with sales, management, R&D, and financial expense ratios improving year-on-year, contributing to a net profit margin increase of 4.6 percentage points [3][2]. Financial Performance Summary - The company’s total revenue for 2024 is projected to be 3.36 billion CNY, with a net profit forecast of 249.8 million CNY, reflecting a growth trajectory [8][10]. - The earnings per share (EPS) is expected to rise to 0.71 CNY in 2024, with a projected net profit margin of 9.9% [10][8]. - The company’s return on equity (ROE) is anticipated to reach 19.0% by 2024, indicating strong profitability [10][8].
哈尔斯:海外客户订单良好,业绩如期增长