Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company experienced a significant decline in revenue in Q2 2024, primarily due to delays in domestic order acceptance, while overseas revenue saw substantial growth [8][16] - The company is focusing on expanding its overseas lithium battery production capacity and enhancing its platform layout in the photovoltaic and hydrogen energy sectors [17][18] Summary by Sections Financial Performance - In H1 2024, the company achieved total revenue of 5.752 billion yuan, a year-on-year decrease of 18.82%, with lithium battery equipment revenue at 3.905 billion yuan, down 27% [8][10] - The net profit attributable to the parent company for H1 2024 was 459 million yuan, a decline of 61.74% year-on-year [8][10] - Q2 2024 revenue was 2.441 billion yuan, down 35.96% year-on-year, with a net loss of 105 million yuan [8][10] Business Structure and Profitability - The overall gross margin for H1 2024 was 36.30%, a decrease of 3.80 percentage points year-on-year, with significant improvements in overseas business gross margins [10][11] - The company’s net profit margin was 7.5%, down 9.61 percentage points year-on-year, indicating a decline in overall profitability [10][11] Inventory and Contract Liabilities - As of Q2 2024, the company's inventory was 13.124 billion yuan, a decrease of 4.52% year-on-year, while contract liabilities increased by 7.66% to 11.424 billion yuan [13][14] Overseas Expansion and Market Opportunities - The company is accelerating its overseas expansion in lithium battery production, with expectations that overseas orders will increase to 50% of total new orders in 2024 [16] - The IRA Act is stimulating the localization of the electric vehicle supply chain in the U.S., benefiting Chinese equipment manufacturers [16] Strategic Developments - The company has made significant advancements in the photovoltaic sector, achieving breakthroughs in GW-level process equipment and securing over 2 billion yuan in equipment orders [17] - In the hydrogen energy sector, the company successfully delivered a 2000MW hydrogen electrolyzer assembly line [17] Earnings Forecast and Valuation - The net profit forecasts for 2024-2026 have been revised down to 2 billion, 2.9 billion, and 3.5 billion yuan respectively, with corresponding P/E ratios of 11, 7, and 6 times [18]
先导智能:2024年半年报点评:Q2业绩承压,看好全球化与平台化布局深化