润邦股份：24H1业绩符合预期，期待下半年业绩释放

Investment Rating - The report maintains a "Buy" rating for Runbang Co., Ltd. (002483) with a current price of 4.16 yuan [1]. Core Views - The company's H1 2024 performance met expectations, with revenue of 3.15 billion yuan, a year-on-year increase of 3.8%, and a net profit attributable to shareholders of 170 million yuan, up 9.7% year-on-year. The Q2 2024 revenue was 1.74 billion yuan, down 7.4% year-on-year, with a net profit of 110 million yuan, 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 businesses, such as material handling equipment and ship supporting facilities, have shown significant growth, driving revenue increases. The material handling equipment business achieved revenue of 1.8 billion yuan, up 27.8% year-on-year, accounting for 57.2% of total revenue, while the ship supporting equipment segment saw revenue of 570 million yuan, up 209.5% year-on-year [1]. - The company is actively expanding into overseas markets, with foreign sales reaching 2.31 billion yuan, a year-on-year increase of 19.7%, and accounting for 73.2% of total revenue. The gross margin for foreign sales improved to 15.9% [1]. - The company expects a compound annual growth rate (CAGR) of 124% in net profit attributable to shareholders from 2024 to 2026, with projected net profits of 440 million yuan, 570 million yuan, and 620 million yuan for the respective years [2]. Summary by Sections Financial Performance - H1 2024 revenue: 3.15 billion yuan, +3.8% YoY; net profit: 170 million yuan, +9.7% YoY [1]. - Q2 2024 revenue: 1.74 billion yuan, -7.4% YoY; net profit: 110 million yuan, -4.3% YoY [1]. - 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 yuan, +27.8% YoY, accounting for 57.2% of total revenue [1]. - Ship supporting equipment revenue: 570 million yuan, +209.5% YoY, accounting for 18.2% of total revenue [1]. - Environmental protection segment revenue: 360 million yuan, -6.9% YoY [1]. Market Expansion - Foreign sales: 2.31 billion yuan, +19.7% YoY, accounting for 73.2% of total revenue [1]. - New orders in overseas markets include significant projects in Colombia and Japan [1]. Profit Forecast - Projected net profits for 2024-2026: 440 million yuan, 570 million yuan, and 620 million yuan, respectively [2].