supor(002032) 开源证券·2024-09-03 11:00Investment Rating - The investment rating for the company is "Buy" (maintained) [2][3] Core Views - The company reported steady performance in Q2 2024, with revenue of 5.586 billion yuan (up 11.29% year-on-year) and a net profit of 471 million yuan (up 6.4% year-on-year) [3] - The company has adjusted its profit forecast for 2024-2026, expecting net profits of 2.316 billion yuan, 2.571 billion yuan, and 2.786 billion yuan respectively, with corresponding EPS of 2.89 yuan, 3.21 yuan, and 3.48 yuan [3] - The long-term outlook remains positive due to stable operations and profit margins, with expectations of maintaining a high dividend payout ratio [3] Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of 10.965 billion yuan (up 9.84% year-on-year) and a net profit of 941 million yuan (up 6.81% year-on-year) [3] - The revenue breakdown for H1 2024 shows domestic sales at 7.509 billion yuan (up 0.1%) and foreign sales at 3.455 billion yuan (up 39.29%) [4] Profitability Metrics - The gross margin for Q1 and Q2 2024 was 24.42% and 24.38% respectively, showing a slight decline year-on-year [5] - The net profit margin for Q1 and Q2 2024 was 8.73% and 8.43% respectively, reflecting a decrease compared to the previous year [5] Future Projections - Revenue projections for 2024E, 2025E, and 2026E are 22.953 billion yuan, 25.289 billion yuan, and 27.285 billion yuan respectively, with year-on-year growth rates of 7.7%, 10.2%, and 7.9% [6] - The expected net profit for 2024E, 2025E, and 2026E is 2.316 billion yuan, 2.571 billion yuan, and 2.786 billion yuan, with corresponding growth rates of 6.2%, 11.0%, and 8.4% [6] Market Position - The company continues to benefit from strong performance in foreign sales, particularly in the EMEA and Americas regions, with growth rates of 9.1% and 12% respectively in Q2 2024 [4] - The competitive landscape in the domestic market remains challenging, but the company is expected to outperform the industry [4]