Ginlong Technologies(300763) 西南证券·2024-09-02 08:08Investment Rating - The report does not specify a clear investment rating for the company, but it discusses the potential for growth in the overseas market and the company's performance in the second quarter of 2024, indicating a positive outlook for the future [2][12]. Core Insights - The company, Jinlang Technology, reported a revenue of 3.35 billion yuan for H1 2024, a year-on-year increase of 3.2%, while the net profit attributable to shareholders decreased by 43.8% to 350 million yuan [2]. - The second quarter of 2024 showed a significant improvement with a revenue of 1.96 billion yuan, up 22.6% year-on-year, and a net profit of 330 million yuan, an increase of 9.5% year-on-year [2]. - The growth in the overseas market, particularly in emerging markets like Pakistan and Ukraine, has contributed to the increase in sales and profitability [2]. - The gross margin for Q2 2024 improved by 13.6 percentage points to 37.8%, and the net margin increased by 15.5 percentage points to 17.0% [2]. Performance Summary - For H1 2024, the company achieved a revenue of 3.35 billion yuan, with a net profit of 350 million yuan, reflecting a decline in profitability compared to the previous year [2]. - The second quarter's performance exceeded expectations, driven by a recovery in overseas markets and a decrease in raw material costs [2]. - The company’s household photovoltaic system revenue grew by 39.6% year-on-year, reaching 780 million yuan, with a gross margin of 61.2% [2]. - The photovoltaic power generation business saw a remarkable growth of 191.6% year-on-year, contributing to the overall revenue increase [2]. Future Outlook - The report anticipates continued growth in inverter exports in the second half of 2024, supported by strong demand in emerging markets [2]. - The company is expected to benefit from the increasing demand for photovoltaic and energy storage solutions, with projected net profits for 2024, 2025, and 2026 at 1.11 billion yuan, 1.54 billion yuan, and 1.88 billion yuan respectively [2][6].