NARI-TECH(600406) 中国银河·2024-09-02 13:31Investment Rating - The report maintains a "Recommended" rating for Guodian NARI Technology Co., Ltd. (stock code: 600406.SH) [3] Core Views - The company's H1 2024 performance shows steady growth with revenue of 20.114 billion, up 10.21% year-on-year, and a net profit of 2.709 billion, up 8.36% year-on-year. The Q2 2024 results indicate a significant sequential improvement, with revenue of 12.416 billion, up 61.27% quarter-on-quarter, and a net profit of 2.114 billion, up 254.82% quarter-on-quarter [1][2] - The company is benefiting from the robust development of smart grids and low-carbon energy growth, with smart grid revenue contributing 46.6% of total revenue and growing 1.8% year-on-year. The low-carbon energy segment is the fastest-growing, with a revenue increase of 32.7% year-on-year [1][2] - The report highlights the company's strong performance in both domestic and international markets, with net revenue from overseas operations reaching 830 million, up 92.8% year-on-year [1] Summary by Sections Financial Performance - H1 2024 revenue reached 20.114 billion, with a net profit of 2.709 billion, and a non-recurring net profit of 2.622 billion. Q2 2024 revenue was 12.416 billion, with a net profit of 2.114 billion [1][2] - The company's gross margin for H1 2024 was 28.9%, with Q2 gross margin at 31.7%, reflecting improvements in profitability [2] Business Segments - Smart Grid: Revenue of 9.36 billion, accounting for 46.6% of total revenue, with a gross margin of 33.6% [1] - Digital Energy Integration: Revenue of 3.74 billion, accounting for 18.6% of total revenue, with a gross margin of 26.1% [1] - Low-Carbon Energy: Revenue of 5.05 billion, accounting for 25.2% of total revenue, with a gross margin of 23.3% [1] - Industrial Internet: Revenue of 1.21 billion, accounting for 6.0% of total revenue, with a gross margin of 22.5% [1] - Integration and Others: Revenue of 720 million, accounting for 3.6% of total revenue, with a gross margin of 34.3% [1] Market Outlook - The report projects revenue for 2024 and 2025 to be 57.350 billion and 64.502 billion, respectively, with net profits of 8.017 billion and 8.788 billion, indicating a positive growth trajectory [2][7]