HCNC(SZ:300161) Guoyuan Securities·2024-09-03 08:00Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company reported a revenue of 629 million yuan in the first half of 2024, a year-on-year decline of 29.02%, with a net loss attributable to shareholders of 107 million yuan [3]. - The performance was impacted by ongoing orders in the new energy battery intelligent equipment sector, particularly in the second quarter, where revenue was 386 million yuan, down 27.03% year-on-year [3]. - The company is expected to benefit from the domestic substitution trend in high-end CNC systems, with projected revenues of 2.55 billion yuan, 3.15 billion yuan, and 3.76 billion yuan for 2024, 2025, and 2026 respectively [3]. Financial Performance - The company's CNC systems and machine tools generated revenue of 383 million yuan, a year-on-year increase of 3.89%, while the robotics and intelligent production line segment saw a significant decline of 57.82% [3]. - The gross margin for the first half of 2024 was 34.75%, an increase of 4.43 percentage points year-on-year, indicating improved profitability in CNC systems and machine tools [3]. - R&D expenses accounted for 21.26% of revenue, reflecting a 2.23 percentage point increase year-on-year, underscoring the company's commitment to maintaining its core competitiveness [3]. Product Development and Market Opportunities - The company launched a "Five-Axis Flagship Product Package" during the CCMT2024 Shanghai exhibition, enhancing its product matrix and aiming to meet international standards in processing precision and efficiency [3]. - A significant contract worth 500 million yuan was signed with Huashu Jinming for projects in the UK and Japan, indicating strong demand in overseas markets [3]. - The company is focused on delivering ongoing projects, with the first soft-pack battery module line successfully shipped to France, which is expected to contribute to revenue recognition in the near future [3].