常润股份：营收增速回暖，业务拓展持续

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company has shown a recovery in revenue growth, with a 11.6% year-on-year increase in H1 2024 revenue to 1.45 billion yuan, and a 31.4% increase in net profit to 90 million yuan [3] - The growth is driven by the toolbox cabinet and cross-border e-commerce businesses, with the AM market revenue reaching 870 million yuan, up 17.7% year-on-year [3] - The company is expected to benefit from the easing of U.S. interest rates and improved consumer spending, with projected revenues of 3.1 billion yuan, 3.6 billion yuan, and 4.2 billion yuan for 2024, 2025, and 2026 respectively [3] Summary by Sections Financial Performance - H1 2024 revenue was 1.45 billion yuan, a 11.6% increase year-on-year, while Q2 revenue was 820 million yuan, up 17.5% year-on-year [3] - The company's gross margin for H1 2024 was 19.7%, an increase of 1.5 percentage points year-on-year [3] - The net profit margin for H1 2024 was 6.3%, up 0.8 percentage points year-on-year [3] Business Segments - AM market revenue was 870 million yuan, with commercial jacks and professional automotive maintenance equipment showing growth of 29.2% and 29.6% respectively [3] - OEM market revenue for automotive parts was 560 million yuan, a 3.6% increase year-on-year [3] Regional Performance - Revenue from the U.S. market was 560 million yuan, down 10.1% year-on-year, while revenue from Europe and other regions increased by 25.4% to 520 million yuan [3] - Revenue from mainland China reached 350 million yuan, a significant increase of 44.4% year-on-year, driven by expansion into the new energy vehicle sector [3] Future Outlook - The company plans to continue expanding its cross-border e-commerce operations and has set up overseas warehouses in Seattle, Houston, and Charlotte [3] - The acquisition of Puke Technology has led to rapid sales growth and profitability, with further capacity expansion expected [3] - The company anticipates continued revenue recovery in the second half of 2024, supported by easing inflation in the U.S. [3]