PAIKE(605123) 民生证券·2024-09-02 12:00Investment Rating - The investment rating for the company is "Recommended" [4] Core Views - The company reported a revenue of 1.65 billion yuan for 1H24, a year-on-year increase of 17.0%, while the net profit attributable to shareholders decreased by 44.6% to 170 million yuan [2] - The company experienced a significant increase in overseas revenue, which grew by over 50%, while domestic revenue faced pressure with a decline of 23.9% [2] - The establishment of a wholly-owned subsidiary, CASTPRO PTE.LTD., is part of the company's global strategy to enhance its international presence [2] - The company is expected to benefit from the ongoing development of its projects and the release of production capacity in the aerospace and new energy sectors, with projected net profits of 410 million, 530 million, and 650 million yuan for 2024, 2025, and 2026 respectively [2][3] Financial Performance Summary - For 1H24, the gross margin decreased by 5.2 percentage points to 21.5%, and the net margin decreased by 5.0 percentage points to 10.0% [2] - The company’s overseas business has shown strong growth, with overseas revenue rising from 45 million yuan in 2021 to 490 million yuan in 2023 [2] - The company’s R&D expenses remained stable at 90 million yuan for 1H24, with an R&D expense ratio of 5.4% [2] - The projected revenue for 2024 is estimated at 3.483 billion yuan, reflecting a decrease of 3.7% compared to 2023 [3][6] Industry Position - The company is recognized as a leading player in the aerospace forging segment in China, with expectations of continued growth driven by high demand in multiple sectors [2]