Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company experienced a slight revenue increase, but a decrease in non-operating income significantly impacted net profit attributable to shareholders [2] - The company is a leader in the domestic quenching machine tool industry, with strong ties to major clients, indicating substantial future growth potential [4] - The report adjusts the profit forecast for 2024-2026 due to fluctuations in non-operating income, while maintaining a positive outlook on the company's core business [4] Financial Performance Summary - In H1 2024, the company achieved revenue of 0.28 billion, a year-on-year increase of 5.88%, while net profit attributable to shareholders was 0.06 billion, a year-on-year decrease of 58.01% [2] - The company's gross margin in H1 2024 was 43.41%, down 3.99 percentage points year-on-year, with a net profit margin of 21.45%, down 32.65 percentage points year-on-year [3] - The company’s cash flow from operating activities in H1 2024 was 0.08 billion, a significant increase of 279.74% year-on-year, mainly due to faster customer payments [3] Business Outlook - The company focuses on domestic substitution of heat treatment equipment, achieving competitive technical indicators compared to foreign products [4] - The company has established long-term partnerships with key clients in the engineering machinery, wind power, and automotive sectors, which are expected to enhance revenue share in the future [4] - The report forecasts a decline in net profit for 2024-2026, with estimates of 0.17 billion, 0.20 billion, and 0.23 billion respectively, while the current stock price corresponds to dynamic P/E ratios of 58, 50, and 44 times [4]
恒进感应：2024年中报点评：营收小幅增长，营业外收入减少影响归母净利润