Guohai Securities·2024-09-02 17:36Investment Rating - The investment rating for the company is "Buy" (maintained) as of September 2, 2024 [1]. Core Views - The report highlights strong growth in emerging industries and overseas expansion, which significantly enhances profitability [1][2]. - The company achieved a revenue of 24.535 billion yuan in H1 2024, a year-on-year increase of 1.91%, and a net profit attributable to shareholders of 2.288 billion yuan, up 12.15% year-on-year [2][3]. - Despite revenue pressure due to industry adjustments, the company maintained rapid profit growth, with a net profit of 1.37 billion yuan in Q2 2024, reflecting an 11.6% year-on-year increase [3]. Summary by Sections Revenue and Profitability - In H1 2024, the company reported a revenue of 24.535 billion yuan, with a net profit of 2.288 billion yuan, and a non-recurring net profit of 1.48 billion yuan, which decreased by 12.35% year-on-year [2][3]. - The Q2 2024 revenue was 12.76 billion yuan, down 6.5% year-on-year, while the net profit for the same period was 1.37 billion yuan, up 11.6% year-on-year [3]. Product Performance - The company’s product segments showed varied performance: concrete machinery and lifting machinery saw declines of 7.58% and 17.67% respectively, while agricultural machinery grew by 112.51% [3]. Overseas Expansion - The company achieved overseas revenue of 12.05 billion yuan in H1 2024, a year-on-year increase of 43.9%, with overseas revenue accounting for 49.1% of total revenue, up 14.3 percentage points year-on-year [3]. Financial Forecast - The company is expected to achieve revenues of 52.2 billion yuan, 62.5 billion yuan, and 75.7 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 11%, 20%, and 21% [3][6]. - The net profit forecast for the same years is 4.5 billion yuan, 5.7 billion yuan, and 7.1 billion yuan, with growth rates of 28%, 27%, and 25% respectively [3][6].