KEHUA HENGSHENG(002335) 华创证券·2024-09-02 08:10Investment Rating - The report maintains a "Recommended" investment rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [1][14]. Core Insights - The company's H1 2024 operating performance is strong, with revenue reaching 3.731 billion yuan, a year-on-year increase of 9.83%. However, the net profit attributable to shareholders decreased by 29.88% to 226 million yuan [1]. - The rapid growth in revenue is primarily driven by the new energy business, which saw a 21.98% increase in revenue to 1.934 billion yuan in H1 2024, although the gross margin declined by 7.07 percentage points [1]. - The company is focusing on expanding its overseas market presence, particularly in the U.S., Europe, Southeast Asia, the Middle East, and Africa, as part of its strategic development [1]. - The smart energy business showed stable performance with a 15.37% revenue increase, while the data center business experienced a decline of 7.02% [1]. - The report projects net profits for 2024-2026 to be 574 million, 763 million, and 961 million yuan respectively, with corresponding price-to-earnings ratios of 15, 12, and 9 times [1]. Financial Summary - For 2023A, total revenue is projected at 8.141 billion yuan, with a year-on-year growth rate of 44.1%. The net profit attributable to shareholders is expected to be 508 million yuan, reflecting a growth rate of 104.4% [4]. - The company’s total assets are estimated to grow from 11.868 billion yuan in 2023A to 18.409 billion yuan by 2026E, indicating a robust growth trajectory [4]. - The report highlights a decrease in the gross margin from 27.3% in 2023A to 25.4% in 2024E, while the net margin is expected to increase from 6.4% to 6.8% over the same period [4].