GWYD(SH:600517) Soochow Securities·2024-08-28 03:44Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's performance in H1 2024 met expectations, with significant profit growth driven by fair value changes in financial assets [3] - The financial segment, particularly Yingda Trust, showed strong performance, with total trust assets growing by 22.01% year-on-year [3] - The industrial segment, focusing on power equipment, also reported substantial growth, with revenue increasing by 4% [3] Summary by Relevant Sections Financial Performance - In H1 2024, the company achieved total revenue of 4.989 billion yuan, a year-on-year decrease of 0.36%, and a net profit attributable to shareholders of 916 million yuan, a year-on-year increase of 21.35% [2][3] - The fair value change income turned positive at 240 million yuan in H1 2024, compared to a loss of 158 million yuan in H1 2023 [3] Financial Segment - Yingda Trust's revenue in H1 2024 was 1.532 billion yuan, up 5.66% year-on-year, with net profit reaching 1.095 billion yuan, a 20.86% increase [3] - The trust asset scale reached 914.593 billion yuan, reflecting a 22.01% year-on-year growth [3] Industrial Segment - The power equipment business, particularly through Zhixin Electric, reported revenue of 3 billion yuan in H1 2024, a 4% increase year-on-year, with net profit growing by 56% [3] Earnings Forecast and Valuation - The forecast for net profit attributable to shareholders for 2024-2026 is adjusted to 1.679 billion, 1.768 billion, and 1.819 billion yuan, with corresponding year-on-year growth rates of 23.09%, 5.29%, and 2.89% [4] - The estimated EPS for 2024-2026 is projected to be 0.29, 0.31, and 0.32 yuan, with P/E ratios of 13.48x, 12.81x, and 12.45x respectively [4]