LXBY(002884) 国联证券·2024-09-01 07:13Investment Rating - The investment rating for the company is "Buy" (maintained) [4][6] Core Views - The company achieved a revenue of 750 million yuan in H1 2024, representing a year-on-year increase of 24%, with a net profit attributable to the parent company of 220 million yuan, up 21% year-on-year. The gross margin was 36.6%, down 1.6 percentage points, and the net margin was 28.9%, down 0.8 percentage points. The company is expected to see revenues of 1.58 billion, 1.81 billion, and 1.99 billion yuan from 2024 to 2026, with year-on-year growth rates of 20%, 15%, and 10% respectively. The net profit attributable to the parent company is projected to be 460 million, 530 million, and 580 million yuan for the same period, with growth rates of 20%, 15%, and 10% respectively. The recovery of the U.S. real estate market and the proactive inventory replenishment cycle are expected to drive overseas demand, particularly benefiting the company's plastic bathroom pumps [6][4][7]. Financial Performance - In H1 2024, the company reported a revenue of 750 million yuan, with overseas revenue of 430 million yuan, a year-on-year increase of 36%, accounting for 57% of total revenue. The revenue from plastic bathroom pumps was 370 million yuan, up 35% year-on-year, making up 50% of total revenue. The stainless steel pump revenue was 240 million yuan, up 4%, and general pump revenue was 110 million yuan, up 49% [6][4][7]. - The company maintained strong cost control, with a gross margin of 36.6% and a net margin of 28.9% in H1 2024. The operating cash flow for H1 2024 was 160 million yuan, down 7% year-on-year [6][7]. Future Outlook - The company is expected to benefit from the U.S. real estate market recovery and proactive inventory replenishment, particularly in the plastic bathroom pump segment. The report anticipates that the company can maintain a gross margin above 30% despite potential tariff impacts, as its product prices are significantly lower than U.S. brands [6][7]. - Revenue projections for 2024-2026 indicate a positive growth trajectory, with expected revenues of 1.58 billion, 1.81 billion, and 1.99 billion yuan, and net profits of 460 million, 530 million, and 580 million yuan respectively [6][7].