Ginlong Technologies(SZ:300763) Huachuang Securities·2024-09-04 01:14Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 71.11 CNY, compared to the current price of 57.30 CNY [2][3]. Core Views - The company's performance in Q2 2024 showed significant improvement, with revenue and profit both increasing compared to the previous quarter. The inverter business experienced a rise in both volume and profit [2][3]. - The report highlights that the increase in overseas shipments has positively impacted the company's performance, with expectations for continued growth in the second half of the year due to emerging market demand and inventory depletion in Europe [3]. - The company's power station business maintains a high gross margin and stable scale, with significant year-on-year growth in revenue from household photovoltaic systems and new energy power production [3]. Financial Summary - In H1 2024, the company achieved revenue of 3.355 billion CNY, a year-on-year increase of 3.20%, while net profit attributable to the parent company was 352 million CNY, a decrease of 43.84%. The gross margin was 32.18%, down 4.55 percentage points year-on-year [2]. - For Q2 2024, revenue reached 1.958 billion CNY, up 22.64% year-on-year and 40.18% quarter-on-quarter, with net profit of 332 million CNY, an increase of 9.57% year-on-year and a staggering 1536.32% quarter-on-quarter [2]. - The inverter business generated revenue of 2.242 billion CNY in H1 2024, down 11.76% year-on-year, while the gross margin was 19.28%. The company expects the inverter business to continue its growth trend in the second half of the year [3]. - The household photovoltaic system revenue was 780 million CNY in H1 2024, a year-on-year increase of 39.60%, with a gross margin of 61.21% [3]. - The company forecasts net profits of 947 million CNY, 1.196 billion CNY, and 1.476 billion CNY for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 24, 19, and 16 [4].