莱克电气：外销增长较好，汇兑波动影响利润水平

Investment Rating - The investment rating for the company is "Buy" with a target price indicating a potential upside of over 20% within the next six months [5][13]. Core Views - The company achieved a revenue of 4.75 billion yuan in H1 2024, representing a year-on-year increase of 15.49%, while the net profit attributable to the parent company was 602 million yuan, up 1.32% year-on-year [1]. - The company is experiencing strong growth in its export business, with household appliance exports increasing by over 30% year-on-year, and core component business revenue growing by over 10% [2]. - Profit margins have declined, with a gross margin of 24.9% in H1 2024, down 2.37 percentage points year-on-year, and a net margin of 12.7%, down 1.77 percentage points year-on-year [3]. Summary by Sections Financial Performance - In Q2 2024, the company reported revenue of 2.437 billion yuan, a year-on-year increase of 19.35%, but net profit decreased by 16.25% to 331 million yuan [1]. - The gross margin for Q2 2024 was 23.93%, down 3.18 percentage points year-on-year, and the net margin was 13.59%, down 5.73 percentage points year-on-year [3]. Business Segments - The household appliance export business saw a revenue increase of over 30% year-on-year in H1 2024, while the core components business, including motors, grew by over 20% [2]. - The company is expanding its overseas manufacturing capabilities, particularly in Vietnam, to enhance production capacity and establish a dual-circulation manufacturing system [2]. Cost Management - The company reduced its marketing expenses, leading to a decrease in the sales expense ratio by 2.04 percentage points year-on-year to 4.42% in H1 2024 [4]. - The financial expense ratio showed significant fluctuations due to reduced exchange gains and increased interest expenses [4]. Future Outlook - The company expects net profits attributable to the parent company to reach 1.24 billion yuan, 1.41 billion yuan, and 1.59 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 9.8x, 8.6x, and 7.6x [4].