RHI(002483) 西南证券·2024-09-03 03:30Investment Rating - The report maintains a "Buy" rating for Runbang Co., Ltd. (002483) with a current price of 4.16 CNY [1]. Core Views - The company's H1 2024 performance met expectations, with revenue of 3.15 billion CNY, a year-on-year increase of 3.8%, and a net profit attributable to shareholders of 170 million CNY, up 9.7% year-on-year. The Q2 2024 revenue was 1.74 billion CNY, down 7.4% year-on-year, with a net profit of 110 million CNY, down 4.3% year-on-year. The overall profitability of the company has improved [1]. - The company is optimizing its business structure and actively promoting cost reduction and efficiency enhancement, leading to improved profitability. The gross margin for H1 2024 was 19.9%, up 1.1 percentage points year-on-year, and the net margin was 7.4%, up 0.8 percentage points year-on-year [1]. - High-end equipment business, including material handling equipment and ship supporting facilities, has shown significant growth, driving revenue increase. The material handling equipment business achieved revenue of 1.8 billion CNY, up 27.8% year-on-year, accounting for 57.2% of total revenue, while the ship supporting equipment segment benefited from an upward shipbuilding cycle, achieving revenue of 570 million CNY, up 209.5% year-on-year [1]. - The company is actively expanding into overseas markets, with foreign sales revenue reaching 2.31 billion CNY, up 19.7% year-on-year, and accounting for 73.2% of total revenue. The gross margin for foreign sales improved to 15.9% [1]. Summary by Sections Financial Performance - H1 2024 revenue: 3.15 billion CNY, +3.8% YoY; net profit: 170 million CNY, +9.7% YoY - Q2 2024 revenue: 1.74 billion CNY, -7.4% YoY; net profit: 110 million CNY, -4.3% YoY - H1 2024 gross margin: 19.9%, +1.1pp YoY; net margin: 7.4%, +0.8pp YoY [1]. Business Segments - Material handling equipment revenue: 1.8 billion CNY, +27.8% YoY, accounting for 57.2% of total revenue - Ship supporting equipment revenue: 570 million CNY, +209.5% YoY, accounting for 18.2% of total revenue - Environmental protection segment revenue: 360 million CNY, -6.9% YoY [1]. Future Outlook - Expected net profit for 2024-2026: 440 million CNY, 570 million CNY, 620 million CNY, with a compound annual growth rate of 124% - Current PE ratios for 2024-2026: 8, 6, 6 times [2][3].