柳工：2024年半年报点评：24H1业绩高增长超预期，盈利能力持续提升

Investment Rating - The report maintains a "Buy" rating for the company, with a current price of 9.36 CNY and a target price not specified for the next six months [1]. Core Insights - The company reported a significant performance increase in H1 2024, achieving revenue of 16.06 billion CNY, a year-on-year increase of 6.8%, and a net profit attributable to shareholders of 9.8 billion CNY, up 60.2% year-on-year [1]. - The company's gross margin improved to 23.4%, up 3.27 percentage points year-on-year, driven by business structure optimization and effective cost control across the value chain [1]. - The company’s overseas revenue reached 7.71 billion CNY, a year-on-year increase of 18.8%, with a gross margin of 29.1% [1]. Summary by Sections Financial Performance - In Q2 2024, the company achieved revenue of 8.12 billion CNY, a 12.1% increase year-on-year, and a net profit of 4.9 billion CNY, up 62.5% year-on-year [1]. - The net profit forecast for 2024-2026 is 1.38 billion CNY, 1.81 billion CNY, and 2.25 billion CNY, respectively, with a compound annual growth rate of 37% [1][2]. Business Segments - The earthmoving machinery segment generated revenue of 9.94 billion CNY in H1 2024, a 15.9% increase year-on-year, with a gross margin of 26.2% [1]. - The company’s product mix and comprehensive solutions have led to strong performance in both domestic and international markets, with domestic revenue at 8.35 billion CNY, down 2.3% year-on-year [1]. Market Position - The company’s key products, including loaders and excavators, showed steady growth, with loader sales increasing significantly in overseas markets [1]. - The market share for excavators in China increased by 3 percentage points, with domestic sales growing by 29.5% year-on-year [1]. Valuation Metrics - The company’s price-to-earnings (PE) ratio is projected to be 13, 10, and 8 for the years 2024, 2025, and 2026, respectively [2]. - The return on equity (ROE) is expected to rise from 5.23% in 2023 to 10.48% by 2026 [2].