共创草坪：Q2利润靓丽，越南产能稳步扩张

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [7]. Core Views - The company has shown robust financial performance in Q2 2024, with revenue of 820 million yuan, a year-on-year increase of 15.4%, and a net profit of 160 million yuan, up 22.1% year-on-year [1]. - The company is focusing on expanding its market share and improving cost efficiency, which has strengthened its competitive position in the industry [2]. - The international market has been actively developed, with international revenue reaching 1.41 billion yuan in the first half of 2024, a year-on-year increase of 19.3% [3]. - The company is expanding its production capacity in Vietnam, with plans for further efficiency improvements [4]. - The gross profit margin remains stable, although there has been an increase in expense ratios due to changes in accounting for sales expenses and rising personnel costs [5]. - The company has adjusted its profit forecasts for 2024-2026, with expected net profits of 530 million, 640 million, and 740 million yuan respectively [6]. Financial Performance - In H1 2024, the company achieved total revenue of 1.51 billion yuan, a year-on-year increase of 18.8%, with a net profit of 280 million yuan, up 25.1% [1][2]. - The gross margin for Q2 2024 was 31.3%, reflecting a slight year-on-year increase of 0.8 percentage points [1]. - The total sales volume reached 46.48 million square meters in H1 2024, representing a year-on-year growth of 25.5% [2]. Market Expansion - The company is leveraging its leading position in the artificial turf industry to capture more market share by developing new customers and channels [3]. - The domestic market revenue grew by 14.4% in H1 2024, despite challenges in infrastructure investment [3]. Production Capacity - The company has a total production capacity of 5.6 million square meters domestically and is expanding its capacity in Vietnam, with plans for a fourth phase in Mexico to meet growing demand in the Americas [4].