华铁应急：设备规模稳步扩张，出租率有所下滑

Investment Rating - The investment rating for the company is "Buy" and is maintained [2]. Core Views - The company achieved operating revenue of 2.359 billion yuan in the first half of the year, representing a year-on-year growth of 21.68%. The net profit attributable to shareholders was 335 million yuan, up 3.03% year-on-year [2]. - The company is experiencing a rapid expansion of its light-asset model, with over 13,000 units of equipment delivered in collaboration with Zhejiang Dongyang City Investment, an increase of nearly 10,000 units from the previous year [2]. - The cash collection ratio improved, with a net cash inflow from operating activities of 1.148 billion yuan, an increase of 5.21 billion yuan year-on-year, and a cash collection ratio of 88.06%, up 6.31 percentage points year-on-year [2]. - The demand for aerial work vehicles remains in an expansion cycle, and if industry competition slows, the profitability per vehicle is expected to rebound, indicating potential profit elasticity for the company [2]. Summary by Sections Financial Performance - In the second quarter, the company reported operating revenue of 1.254 billion yuan, a year-on-year increase of 14.50%. However, the net profit for the same period decreased by 3.46% to 178 million yuan [2]. - The overall gross profit margin for the first half of the year was 43.01%, a decline of 2.25 percentage points year-on-year, while the net profit margin was 14.20%, down 2.57 percentage points year-on-year [4]. Equipment and Operations - The company’s equipment management scale reached 151,300 units, a growth of 24.92% from the end of the previous year, with a year-on-year increase of 48.3% [5]. - The rental rate for the first half of the year was 75.89%, a decrease of 5.97 percentage points year-on-year, indicating a decline in rental prices [5]. Future Projections - The company is projected to achieve revenues of 830 million yuan, 1.02 billion yuan, and 1.24 billion yuan for the years 2024 to 2026, respectively, with corresponding current market valuations of 10.5, 8.5, and 7.0 times [2].