LIUGONG(SZ:000528) Huaan Securities·2024-09-02 16:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 16.06 billion yuan in the first half of 2024, representing a year-on-year increase of 6.81%, with a net profit attributable to shareholders of 984 million yuan, up 60.20% [2] - The company is actively pursuing reforms and internationalization strategies, achieving significant growth in overseas revenue, which reached 7.71 billion yuan, a year-on-year increase of 18.82%, accounting for 48% of total revenue [2] - Emerging business segments are accelerating development, with the mining machinery business seeing a revenue increase of 71%, and the aerial work machinery business achieving a 124% growth in overseas revenue [2][3] Financial Performance Summary - For 2024, the company forecasts revenue of 30.04 billion yuan, a 9.2% increase from 2023, and a net profit of 1.48 billion yuan, reflecting a 70.9% increase [4] - The gross profit margin is expected to improve to 22.6% in 2024, up from 20.8% in 2023 [4] - The diluted EPS is projected to be 0.75 yuan for 2024, with a corresponding P/E ratio of 12.54 [4][5]