杭可科技：2024年 半 年报点评：验收周期延长影响业绩，看好公司海外市场布局

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's performance has declined due to extended acceptance cycles, with a revenue of 1.891 billion yuan in the first half of 2024, down 10.8% year-on-year, and a net profit attributable to shareholders of 269 million yuan, down 43.4% year-on-year [2][9] - The company has secured orders from Volkswagen for battery production equipment in Spain and Canada, which is expected to accelerate overseas order fulfillment [3][18] - The report projects a decrease in net profit for 2024, with estimates of 630 million yuan, 710 million yuan, and 800 million yuan for 2024, 2025, and 2026 respectively, corresponding to P/E ratios of 15, 13, and 12 [19] Summary by Sections Financial Performance - In the first half of 2024, the company achieved total revenue of 1.891 billion yuan, a decrease of 10.8% year-on-year, and a net profit of 269 million yuan, down 43.4% year-on-year [2][9] - The second quarter saw revenue of 1.007 billion yuan, a decline of 14% year-on-year, while net profit was 96 million yuan, down 64% year-on-year [2][9] Industry Competition - The company's gross margin for the first half of 2024 was 30%, a decrease of 9.78 percentage points year-on-year, while the net profit margin was 14.2%, down 8.18 percentage points year-on-year [11][13] Cash Flow and Inventory - As of the end of Q2 2024, the company's contract liabilities stood at 2.097 billion yuan, an increase of 2% year-on-year, and inventory was stable at 2.663 billion yuan [14][16] - The net cash flow from operating activities for the first half of 2024 was 112 million yuan, a decrease of 24.9% year-on-year [14][18] Orders and Future Outlook - The company has received significant orders from Volkswagen, amounting to over 45% of its total revenue in 2023, indicating strong potential for future growth in overseas markets [3][18] - The report anticipates a gradual recovery in profitability, with projected net profits for 2024-2026 reflecting a cautious optimism about market conditions [19]