YAWEI(002559) 华鑫证券·2024-08-27 10:00Investment Rating - The investment rating for the company is "Buy (Maintain)" [5] Core Views - The company has a strong order backlog, indicating robust growth potential [1] - The acceleration of domestic high-end industrial machine tool localization is supported by government policies, which is expected to benefit the company significantly [2] - The company's three main business segments are developing synergistically, enhancing its competitive edge [3] - Cost reduction and efficiency improvements, along with scale effects, are anticipated to enhance future profitability [4] Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of 1.029 billion yuan, a year-on-year increase of 1.80%, and a net profit attributable to shareholders of 66.11 million yuan, a decrease of 3.06% [1] - The Q2 2024 revenue was 471 million yuan, up 6.03% year-on-year, with a net profit of 24 million yuan, an increase of 34.37% [1] Business Development - The company is positioned among the top three in the Chinese metal forming machine tool industry, benefiting from improved downstream demand and the trend of high-end machine tool localization [2] - Revenue from the three business segments: metal forming machine tools (724 million yuan, +3.64%), laser processing equipment (284 million yuan, +2.86%), and intelligent manufacturing solutions (20 million yuan, -42.66%) [3] - The company has secured substantial orders for pressure machines and precision laser processing equipment from major domestic clients [3] Profitability Outlook - The gross margin in H1 2024 decreased by 1.69 percentage points year-on-year due to intensified market competition and price wars [4] - Future gross margin recovery is expected as cost reduction efforts and scale effects from pressure machine products take effect [4] Earnings Forecast - Revenue projections for 2024, 2025, and 2026 are 2.113 billion yuan, 2.317 billion yuan, and 2.543 billion yuan, respectively, with corresponding EPS of 0.26 yuan, 0.37 yuan, and 0.52 yuan [6][8] - The current stock price corresponds to PE ratios of 26, 18, and 13 for the years 2024, 2025, and 2026, respectively [6]