Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [2][5]. Core Views - The company is increasing its R&D investment, with a R&D expense ratio of 7.6% in the first half of 2024, up from 6.9% in the same period last year, indicating a significant increase in investment in emerging industries and new product development [2][4]. - The company has divested its robotics business, focusing on its core operations, completing the sale of its stake in SANY Robotics for a total consideration of RMB 46 million, resulting in a net gain of RMB 23 million [2][4]. - Despite pressure on traditional businesses like mining equipment, the company is strategically positioning itself in emerging sectors, forecasting revenue growth of 10.46% in 2024, 13.88% in 2025, and 12% in 2026 [2][5]. Summary by Sections Financial Performance - In the first half of 2024, the company reported revenue of RMB 10.756 billion, a decrease of 0.77% year-on-year, and a net profit attributable to shareholders of RMB 1.033 billion, down 14.08% year-on-year [3][4]. - The gross margin for the first half of 2024 was 24.4%, a decline of 1.7 percentage points compared to the previous year [3][4]. Business Segments - Revenue from mining equipment fell by 17.7% to RMB 5.938 billion, while logistics equipment revenue grew by 7.1% to RMB 3.282 billion. Oil and gas equipment revenue surged by 151.5% to RMB 846 million, and emerging business revenue skyrocketed by 209.1% to RMB 690 million [4]. - The company’s overseas sales increased by 17.6% to RMB 3.814 billion, with overseas revenue accounting for 35.5% of total sales, up 5.5 percentage points year-on-year [4]. Future Projections - The company forecasts revenues of RMB 22.4 billion, RMB 25.51 billion, and RMB 28.54 billion for 2024, 2025, and 2026, respectively, with corresponding growth rates of 10%, 14%, and 12% [6][5]. - The projected net profit for 2024 is RMB 1.934 billion, with a growth rate of 0%, followed by RMB 2.259 billion in 2025 and RMB 2.647 billion in 2026, both with growth rates of 17% [6].
三一国际：2024年中报点评：矿山装备边际承压，新兴业务未来可期