联美控股：成本上行致业绩短期承压，不改长期稳健经营趋势

Investment Rating - The report maintains an "Accumulate" rating for Lianmei Holdings (600167.SH) [2] Core Views - The company's performance is under short-term pressure due to rising costs and the impact of the real estate cycle, but the long-term operational trend remains stable [2] - For the first half of 2024, the company achieved revenue of 1.95 billion yuan, a year-on-year increase of 5.2%, while net profit attributable to shareholders decreased by 19.67% to 477 million yuan [4][5] - The revenue growth is primarily driven by increases in heating and advertising revenues, with the heating segment generating 1.387 billion yuan [4] - The overall gross margin has decreased by 8.52 percentage points to 35.46%, mainly due to high coal prices and increased costs in media resources [4][5] Financial Performance Summary - For H1 2024, the company reported a revenue of 1.95 billion yuan, with a net profit of 477 million yuan, reflecting a decline in profitability [4] - The company’s cash on hand is 7.724 billion yuan, accounting for 44% of total assets, indicating a strong liquidity position [4] - The forecast for 2024-2026 projects revenues of 3.519 billion yuan, 3.713 billion yuan, and 3.883 billion yuan, with corresponding net profits of 932 million yuan, 1.050 billion yuan, and 1.101 billion yuan [5][6] Business Segments - The heating and steam/power/engineering/advertising segments generated revenues of 1.387 billion yuan, 75 million yuan, 46 million yuan, and 321 million yuan respectively, with varying gross margins [4] - The company’s subsidiaries in clean heating reported stable revenue growth, with specific figures for H1 2024 being 655 million yuan, 500 million yuan, and 550 million yuan for different subsidiaries [4] Technical Advantages and Future Outlook - The company possesses leading technical advantages in clean heating, with proprietary technologies and a significant number of patents [5] - Strategic investments in hydrogen energy and collaborations in distributed energy services are expected to drive future growth [5]