中大力德：24H1归母利润增长，减速器毛利率明显提升

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [4][6]. Core Insights - The company reported a revenue of 505 million yuan for H1 2024, a year-over-year decrease of 6.37%, while the net profit attributable to the parent company increased by 30.86% to 44 million yuan [4][5]. - The decline in revenue is attributed to reduced demand in the photovoltaic industry, impacting the smart actuator business, which saw a revenue drop of 14.52% [5]. - The gross margin for the reducer business improved significantly, indicating stabilization in pricing and enhanced profitability [5][6]. - The overall expense ratio increased slightly but remained at a low level, with total expenses for sales, management, R&D, and finance reported [5]. - The company anticipates continued growth in net profit, projecting 94 million yuan for 2024, with a corresponding PE ratio of 42 [6]. Summary by Sections Financial Performance - H1 2024 revenue was 505 million yuan, down 6.37% year-over-year, while net profit was 44 million yuan, up 30.86% [4][5]. - Q2 2024 revenue was 283 million yuan, down 11.93% year-over-year, with net profit increasing by 49.25% [4][5]. - The gross margin for H1 2024 was 24.54%, an increase of 1.66 percentage points year-over-year [5]. Product Breakdown - Revenue from smart actuators was 206 million yuan, accounting for 40.77% of total revenue, while reducer motor revenue was 165 million yuan (32.60%), and reducer revenue was 126 million yuan (25.01%) [5]. - The gross margins for smart actuators, reducer motors, and reducers were 25.35%, 26.66%, and 21.38%, respectively, with the reducer margin showing a notable improvement [5]. Market Analysis - Domestic revenue accounted for 94.56% of total revenue, with a slight decline of 6.36% year-over-year, while international revenue was 27 million yuan, down 6.47% [5]. - The company has a strong position in the reducer market, with extensive R&D experience and capacity, which may lead to significant revenue contributions from humanoid robots in the future [6].