SHUANGHUAN COMPANY(002472) 国泰君安·2024-08-31 03:23Investment Rating - The report maintains a "Buy" rating for the company with a target price of 33.04 CNY [3][6]. Core Views - The company's mid-year performance for 2024 shows strong results, with Q2 profitability improving both year-on-year and quarter-on-quarter. The operational quality is continuously strengthening due to efficiency improvements, and overseas factories and orders are progressing smoothly, opening new growth opportunities [3]. - The mid-year report is close to the upper limit of the forecast, with revenue of 4.32 billion CNY for the first half of 2024, representing a year-on-year increase of 17.3%. The net profit attributable to the parent company is 470 million CNY, up 28.3% year-on-year, nearing the forecast range of 450-470 million CNY [3]. - The company achieved a revenue of 2.25 billion CNY in Q2 2024, a year-on-year increase of 18.6% and a quarter-on-quarter increase of 8.4%. The net profit for Q2 2024 was 250 million CNY, reflecting a year-on-year growth of 27.4% and a quarter-on-quarter growth of 13.7% [3]. - The gross margin for Q2 2024 was 22.8%, an increase of 1.3 percentage points year-on-year and 0.2 percentage points quarter-on-quarter. The net margin was 11.6%, up 0.6 percentage points year-on-year and 0.5 percentage points quarter-on-quarter [3]. - The company is focusing on diversifying its product offerings to enhance the value per vehicle, leveraging technological upgrades to strengthen its market position [3]. Financial Summary - For the first half of 2024, the company reported a revenue of 4.32 billion CNY, with a year-on-year growth of 17.3%. The net profit attributable to the parent company was 470 million CNY, marking a 28.3% increase year-on-year [4]. - The projected earnings per share (EPS) for 2024-2026 are 1.24 CNY, 1.61 CNY, and 1.94 CNY respectively, with a 2024 price-to-earnings (PE) ratio of 27 times [3][4]. - The company’s revenue is expected to grow from 10.24 billion CNY in 2024 to 14.9 billion CNY in 2026, with a compound annual growth rate (CAGR) of approximately 20% [4].