Investment Rating - The report maintains an "Accumulate" rating for the company [1][2]. Core Views - The company experienced a year-on-year decline in net profit of 49.04% in the first half of 2024, despite a revenue increase of 7.64% to RMB 200.19 million [2][4]. - The main business of lubrication systems saw a revenue decrease of 15.42% due to price reductions, impacting gross margin [2][4]. - The hydraulic systems business achieved a revenue increase of 95.85%, although its gross margin decreased [2][4]. - The stock incentive plan has temporarily pressured net profit, but is expected to enhance employee motivation and innovation in the long term [2][4]. Financial Summary - For the first half of 2024, the company reported a revenue of RMB 200.19 million, with a gross profit margin of 38.93%, down from 47.96% in the same period of 2023 [4][5]. - The net profit attributable to the parent company was RMB 29.50 million, reflecting a 49.04% decrease year-on-year [4][5]. - The company adjusted its earnings per share (EPS) forecasts for 2024-2026 to RMB 0.71, 0.80, and 1.13 respectively, with corresponding price-to-earnings ratios of 27.7, 24.6, and 17.5 [2][3]. Market Performance - The company's stock price is currently at RMB 19.68, with a market capitalization of RMB 2,924.14 million [1][2]. - The stock has underperformed relative to the Shenzhen Composite Index, with a relative performance of -24.3% over the past year [1][2].
盘古智能：收入稳健增长，归母净利润阶段性承压