TDTEC(600582) 浙商证券·2024-09-03 04:03Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The company reported a 10.5% year-on-year growth in net profit for the first half of 2024, driven by proactive market engagement and alignment with national policies [2][3] - The coal machinery industry is experiencing multiple drivers such as replacement, automation, and consolidation, which are expected to benefit the leading state-owned enterprises [3] - The company has a comprehensive industry chain layout, with notable performance in safety and automation, positioning it well against cyclical fluctuations [3] Financial Summary - For H1 2024, the company achieved operating revenue of 14.89 billion yuan, a 2.3% increase year-on-year, and a net profit attributable to shareholders of 1.53 billion yuan, reflecting a 10.5% growth [2] - The gross margin for H1 2024 was 33%, with a net margin of 13.5%, both showing improvements compared to the previous year [2][8] - The company’s operating expenses for H1 2024 were 16.5% of revenue, with a decrease in sales expense ratio to 2.9% due to better control over marketing costs [2] Industry Outlook - The coal machinery industry is seeing increased concentration, with leading state-owned enterprises poised to benefit from this trend [3] - The demand for coal mining safety equipment is urgent, and the company's subsidiaries are leading in intelligent business solutions [3] Profit Forecast - The company is expected to achieve operating revenues of 32.5 billion, 34.6 billion, and 36.6 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 8.5%, 6.5%, and 5.9% [3][7] - Net profit attributable to shareholders is projected to be 2.64 billion, 2.90 billion, and 3.14 billion yuan for the same years, with growth rates of 12.1%, 9.7%, and 8.2% respectively [3][7]