LEAD INTELLIGENT(SZ:300450) Changjiang Securities·2024-09-04 06:43Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a revenue of 5.752 billion yuan for H1 2024, a year-on-year decline of 18.82%, with a net profit attributable to shareholders of 459 million yuan, down 61.74% year-on-year [5][6]. - The decline in revenue is primarily attributed to a slowdown in acceptance of lithium battery downstream equipment, with the lithium battery intelligent equipment business revenue falling by 27.10% year-on-year [6]. - The company is expanding its overseas business, achieving a revenue of 1.095 billion yuan in H1 2024, a significant increase of 159.56% year-on-year, contributing to 19.03% of total revenue [6]. - The company continues to implement a platform strategy, diversifying its business into areas such as photovoltaic intelligent equipment and hydrogen energy equipment [7]. - Despite the current downturn in the lithium battery equipment industry, the company has a healthy order backlog and is positioned to benefit from a potential industry recovery in 2024-2025, with projected net profits of 1.83 billion yuan and 2.36 billion yuan for those years, corresponding to PE ratios of 12 and 10 times, respectively [7]. Summary by Sections Financial Performance - H1 2024 revenue was 5.752 billion yuan, down 18.82% year-on-year, with Q2 revenue at 2.441 billion yuan, down 35.96% year-on-year [5][6]. - The overall gross margin for H1 2024 was 36.30%, a decrease of 3.8 percentage points year-on-year, mainly due to the logistics business [6]. - The company reported credit impairment losses of 329 million yuan and asset impairment losses of 54 million yuan in H1 2024, both significantly increased compared to the previous year [6]. Business Segments - The lithium battery intelligent equipment segment generated 3.905 billion yuan in revenue, down 27.10% year-on-year, while the intelligent logistics system segment saw a revenue increase of 40.41% to 1.297 billion yuan [6]. - The photovoltaic intelligent equipment segment achieved a revenue of 402 million yuan, up 41.53% year-on-year, with its revenue share increasing to 7% [6]. Strategic Initiatives - The company is actively pursuing international expansion, establishing a logistics center in Europe and forming strategic partnerships with companies in France and the USA [6]. - The platform strategy is focused on increasing the share of non-lithium businesses, with new product launches in various high-tech equipment sectors [7].