玉禾田半年报点评：环卫订单高歌猛进，“机器人”布局加码持续

Investment Rating - The investment rating for the company is "Accumulate" with a downgrade from a previous rating [5] Core Views - The company's revenue for the first half of 2024 reached 3.405 billion yuan, a year-on-year increase of 16.29%, while the net profit attributable to the parent company was 327 million yuan, up 2.88% year-on-year [1] - The urban operation segment is the core driver of growth, achieving revenue of 2.866 billion yuan, a year-on-year increase of 20.58%, with a gross margin of 27.72%, up 1.01 percentage points [2] - The company has signed new contracts worth approximately 4.139 billion yuan in the first half of 2024, a year-on-year increase of 13.24%, with a total backlog of contracts amounting to 55.634 billion yuan, a new historical high [2] - The company is enhancing its competitive advantage by integrating various smart city products, including sanitation robots and smart lighting, to create synergy within the industry [3] Financial Performance Summary - The gross margin for the first half of 2024 was 24.93%, an increase of 1.12 percentage points, while the net margin was 11.18%, a decrease of 0.96 percentage points [4] - The company’s financial expenses increased, leading to a rise in credit impairment losses, which accounted for 9.6% of net profit, up 3.9 percentage points from the previous year [4] - The forecast for net profit attributable to the parent company for 2024-2026 is 602.86 million, 713.15 million, and 853.41 million yuan, representing year-on-year growth rates of 15.68%, 18.29%, and 19.67% respectively [4][8] - The diluted EPS for the same period is projected to be 1.51, 1.79, and 2.14 yuan, with corresponding P/E ratios of 7.54, 6.37, and 5.32 [4][8] Market Position and Strategy - The company has secured 23 sanitation projects, leading the industry with over 4 billion yuan in contract wins for the first half of 2024 [2] - The company is focusing on expanding its "robot + sanitation" strategy, aiming to capture new heights in intelligent and unmanned equipment [3]