银都股份：2024年半年报点评：境外收入同比+7.4%，毛利率维持高水平

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 40.82 CNY, compared to the current price of 25.00 CNY [1]. Core Insights - The company reported a revenue of 1.367 billion CNY for the first half of 2024, representing a year-on-year increase of 2.61%, and a net profit attributable to shareholders of 347 million CNY, up 28.8% year-on-year [1]. - The overseas revenue increased by 7.4% year-on-year, while domestic revenue saw a decline of 42.7% [1]. - The gross margin for the first half of 2024 was 46.51%, an increase of 5.79 percentage points year-on-year, primarily due to a decrease in shipping costs [1]. - The company expects revenue growth of 10.6%, 12.6%, and 12.5% for the years 2024, 2025, and 2026, respectively, with net profit growth of 30.5%, 17.3%, and 15.8% for the same years [1][2]. Financial Summary - Total revenue for 2023 was 2.653 billion CNY, with a projected increase to 2.935 billion CNY in 2024 [2]. - The net profit for 2023 was 511 million CNY, expected to rise to 667 million CNY in 2024 [2]. - Earnings per share (EPS) is projected to increase from 1.20 CNY in 2023 to 1.57 CNY in 2024 [2]. - The company’s total assets are projected to grow from 3.838 billion CNY in 2023 to 4.208 billion CNY in 2024 [5].