Huaxin Securities·2024-09-01 08:17Investment Rating - The report maintains a "Buy" investment rating for the company [6] Core Views - The company has achieved revenue and profit growth through the continuous advancement of its overseas business system, with a significant increase in asset disposal gains contributing to net profit growth [2][5] - The overseas revenue reached 12.048 billion yuan in the first half of 2024, representing a year-on-year increase of 43.90%, accounting for 49.10% of total revenue [3][5] - The company is expected to experience rapid development in its overseas business, supported by a well-established global sales network and manufacturing bases [3] Summary by Sections Financial Performance - In H1 2024, the company reported operating revenue of 24.535 billion yuan, a year-on-year increase of 1.91%, and a net profit attributable to shareholders of 2.288 billion yuan, up 12.15% [2] - The gross profit margin for H1 2024 was 28.31%, an increase of 0.41 percentage points year-on-year, primarily driven by the high-margin overseas business [5] - The company’s net profit for Q2 2024 was 2.257 billion yuan, reflecting an 83.50% increase year-on-year, largely due to asset disposal gains of 636 million yuan [2][5] Business Development - The company has established approximately 400 overseas sales points and nearly 15 overseas bases and factories, enhancing its global direct sales business model [3] - The overseas gross margin was 32.13%, which is 7.5 percentage points higher than the domestic gross margin, indicating the effectiveness of the overseas direct sales system [3] Profit Forecast - The company is projected to achieve revenues of 55.55 billion yuan, 65 billion yuan, and 74.97 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.54 yuan, 0.63 yuan, and 0.76 yuan [6][8]