华帝股份：外销表现亮眼，业绩增长稳健

Investment Rating - The investment rating for the company is "Buy" and is maintained [3][4]. Core Views - The company reported a revenue of 3.101 billion yuan for the first half of 2024, representing a year-on-year growth of 7.68%. The net profit attributable to the parent company was 300 million yuan, up 14.77% year-on-year, and the net profit after deducting non-recurring gains and losses was 292 million yuan, an increase of 19.07% year-on-year [3][4]. - In Q2 2024, the company achieved a revenue of 1.720 billion yuan, a year-on-year increase of 2.07%, with a net profit of 176 million yuan, up 3.95% year-on-year [3][4]. - The company's gross profit margin for the first half of 2024 was 40.68%, a decrease of 0.67 percentage points year-on-year. The gross profit margin for Q2 2024 was 39.73%, down 2.84 percentage points year-on-year [3][4]. Summary by Sections Revenue and Profitability - The company’s revenue for the first half of 2024 was 3.101 billion yuan, with a year-on-year growth of 7.68%. The net profit attributable to the parent company was 300 million yuan, reflecting a 14.77% increase year-on-year. The net profit after deducting non-recurring items was 292 million yuan, up 19.07% year-on-year [3][4]. - In Q2 2024, the revenue was 1.720 billion yuan, with a year-on-year growth of 2.07%, and the net profit was 176 million yuan, a 3.95% increase year-on-year [3][4]. Gross Margin Analysis - The gross margin for the first half of 2024 was 40.68%, down 0.67 percentage points year-on-year. For Q2 2024, the gross margin was 39.73%, a decrease of 2.84 percentage points year-on-year [3][4]. - The gross margin for domestic sales was 42.59%, down 0.31 percentage points year-on-year, while the gross margin for exports was 30.56%, an increase of 2.76 percentage points year-on-year [3][4]. Future Outlook - The company is expected to maintain growth, with projected net profits of 517 million yuan, 596 million yuan, and 659 million yuan for 2024, 2025, and 2026 respectively, corresponding to price-to-earnings ratios of 10.11, 8.78, and 7.94 [4].