禾望电气：公司信息更新报告：Q2利润环比显著改善，毛利率有所下滑

Investment Rating - The investment rating for Hewei Electric (603063.SH) is maintained as "Buy" [1] Core Views - The report indicates a significant improvement in Q2 profits on a quarter-on-quarter basis, although the gross margin has declined [1] - The company achieved a revenue of 1.38 billion yuan in H1 2024, a year-on-year decrease of 10.3%, with a net profit attributable to shareholders of 155 million yuan, down 23.6% year-on-year [1] - The report highlights the company's efforts to expand internationally, with foreign revenue reaching 96 million yuan in H1 2024, a year-on-year increase of 49.8% [1] Financial Performance Summary - In Q2 2024, the company reported revenue of 830 million yuan, a year-on-year decrease of 10.5%, but a quarter-on-quarter increase of 51.9% [1] - The gross margin for Q2 2024 was 35.0%, down 9.0 percentage points from the previous quarter, while the net margin was 13.2%, up 1.8 percentage points quarter-on-quarter [1] - The company’s operating expenses as a percentage of revenue showed a decrease in sales, management, R&D, and financial expense ratios [1] Business Segment Analysis - The New Energy Control business generated revenue of 1.05 billion yuan in H1 2024, down 12.1% year-on-year, with a gross margin of 35.7%, up 8.0 percentage points year-on-year [1] - The Engineering Transmission business saw revenue of 203 million yuan in H1 2024, down 5.1% year-on-year, but Q2 revenue increased by 11.4% year-on-year and 128.2% quarter-on-quarter [1] - The company is positioned as a leading manufacturer of high-power IGBT hydrogen production power supply products, with successful applications in multiple provinces [1] Earnings Forecast - The earnings forecast for the company has been adjusted downwards, with expected profits for 2024-2026 revised to 386 million, 504 million, and 617 million yuan respectively [1] - The expected EPS for the same period is projected at 0.87, 1.14, and 1.39 yuan, with corresponding P/E ratios of 13.2, 10.1, and 8.3 times [1]