SANHUA(SZ:002050) Guohai Securities·2024-08-31 03:07Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5][7] Core Views - The company achieved steady revenue growth in H1 2024, with total revenue of 13.676 billion yuan, a year-on-year increase of 9.2%. The net profit attributable to shareholders was 1.515 billion yuan, up 8.6% year-on-year [2][3] - Emerging strategic businesses are expected to create new growth points, focusing on bionic robots and energy storage systems, which align with industry trends [3][4] Revenue and Profit Analysis - In H1 2024, the refrigeration and air conditioning business generated revenue of 8.279 billion yuan, a year-on-year increase of 7.43%, while the automotive business achieved revenue of 5.397 billion yuan, up 11.91% year-on-year [2][3] - The company's gross profit margin improved to 27.46%, an increase of 1.66 percentage points year-on-year, with the refrigeration and air conditioning business gross margin at 27.56% and automotive business gross margin at 27.31% [4][5] Future Earnings Forecast - The company is projected to achieve total revenue of 28.6 billion, 32.5 billion, and 36.3 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 16%, 14%, and 12% [5][6] - The net profit attributable to shareholders is expected to reach 3.418 billion, 3.949 billion, and 4.503 billion yuan for the same years, with growth rates of 17%, 16%, and 14% respectively [5][6] Valuation Metrics - The estimated EPS for 2024, 2025, and 2026 are 0.92, 1.06, and 1.21 yuan, corresponding to P/E ratios of 19, 16, and 14 times [5][6][7] - The company's return on equity (ROE) is projected to be 17% in 2024, increasing to 18% in 2025 and 2026 [6][7]