XZB(603040) 国金证券·2024-08-29 03:01Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [3][9]. Core Views - The company's performance slightly exceeded expectations, primarily due to better-than-expected growth in overseas business [2]. - The company is expected to continue benefiting from the release of new overseas orders and improved profitability from overseas factories [3]. Summary by Sections Performance Overview - In Q2 2024, the company achieved revenue of 186 million yuan, a year-on-year increase of 32.33%, with a net profit of 63 million yuan, up 37.15% year-on-year [1]. - For the first half of 2024, total revenue reached 328 million yuan, representing a 20.37% increase year-on-year, while net profit was 111 million yuan, up 18.76% year-on-year [1]. Operational Analysis - Revenue from the valve drive group in H1 2024 was 240 million yuan, a year-on-year increase of 25.19%. Revenue from overseas subsidiaries in Europe and Mexico grew by 108.91% and 107.89%, respectively [2]. - The company's overseas revenue accounted for 46.72% of total revenue in H1 2024, an increase of 12.42 percentage points compared to the end of 2023 [2]. - Domestic gross margin was 54.41%, while overseas gross margin was 50.35%, leading to a slight decline in overall gross margin due to the increased share of overseas revenue [2]. Future Outlook - The company’s projects in Hangzhou and Mexico have entered the production phase, which is expected to enhance profitability [2]. - The company aims to maintain a gross margin around 50% through technological innovation and efficiency improvements [2]. Profit Forecast and Valuation - Revenue projections for 2024-2026 are 795 million, 976 million, and 1.204 billion yuan, with year-on-year growth rates of 36.2%, 22.8%, and 23.4%, respectively [3]. - Net profit forecasts for the same period are 220 million, 262 million, and 331 million yuan, with growth rates of 19.17%, 19.08%, and 26.37% [3].