KEHUA HENGSHENG(SZ:002335) Guolian Securities·2024-09-02 12:31Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook based on the rapid growth of overseas orders and expected improvement in profitability [2][4]. Core Insights - The company's overall performance was under pressure in the first half of 2024, but there was a significant recovery in Q2 due to increased orders and overseas expansion [2][6]. - The intelligent computing center business is expanding with multi-field customer collaborations, and the prospects for computing power construction and leasing markets are promising [6]. - The company's renewable energy business is intensifying its overseas efforts, with expectations for further improvement in gross margins as high-margin overseas markets are developed [6]. - The company reported H1 2024 revenue of 3.731 billion yuan, a year-on-year increase of 9.83%, and a Q2 revenue of 2.547 billion yuan, a year-on-year increase of 33.57% and a quarter-on-quarter increase of 115.09% [6][7]. Financial Data Summary - For 2024, the company is projected to achieve revenues of 9.887 billion yuan, with a year-on-year growth rate of 21.45%, and a net profit of 670 million yuan, reflecting a growth rate of 31.97% [7]. - The company's gross margin is expected to improve as it expands its overseas market presence, with the gross margin for renewable energy products reported at 16.88%, down 7.07 percentage points year-on-year due to increased competition [6][7]. - The company has a total share capital of 461.57 million shares and a market capitalization of approximately 7.636 billion yuan [4].