Eurocrane(603966) 华鑫证券·2024-08-27 12:00Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has shown strong growth in overseas business, with a significant increase in profitability. The overseas revenue for H1 2024 reached 267 million yuan, a year-on-year increase of 35.93%, accounting for 33.06% of total revenue, up 12.57 percentage points year-on-year [1][2] - The company is positioned as a leader in the domestic European-style crane market, focusing on the mid-to-high-end segment, with a comprehensive range of products and rich industry application experience [1] - The company is actively expanding its overseas business, which is expected to further enhance profitability. The gross margin for overseas business in H1 2024 was 35.92%, significantly higher than the domestic gross margin of 29.17% [1] Summary by Sections Financial Performance - In H1 2024, the company achieved operating revenue of 806 million yuan, a decrease of 15.77% year-on-year. However, the net profit attributable to shareholders increased by 0.66% to 86.58 million yuan [1] - The company’s gross margin improved to 31.4% in Q2 2024, up 10.29 percentage points year-on-year, primarily due to the higher proportion of high-margin overseas revenue [2] Revenue Forecast - The company is projected to generate revenues of 2.3 billion yuan, 2.672 billion yuan, and 3.144 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding EPS of 0.57 yuan, 0.71 yuan, and 0.90 yuan [3][5] - The revenue growth rates are expected to be 15.5% in 2024, 16.2% in 2025, and 17.6% in 2026 [5] Market Position - The company benefits from the robust demand for high-quality, reliable, and energy-efficient material handling equipment driven by the large manufacturing system in China and the emergence of new industries [1] - The company’s new production capacity in the Anhui material handling equipment industrial park is expected to enhance its ability to take orders and support growth in the mid-to-high-end crane market [1]