格力电器24H1点评：收入稳健，利润超预期释放

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company demonstrates resilience in its performance amidst a subdued consumer sentiment, with expectations for improved sales in the second half of the year due to a trade-in program starting in September [9] - The company is projected to achieve steady annual performance, with revenue estimates for 2024-2026 at 208.9 billion, 215.8 billion, and 222.8 billion respectively, and net profit estimates at 32.3 billion, 33.5 billion, and 35.6 billion respectively [9] Financial Performance Summary - For the first half of 2024, the company reported a revenue of 100.3 billion (up 0.5% year-on-year) and a net profit of 14.1 billion (up 11.5% year-on-year) [6] - The second quarter of 2024 saw a revenue of 63.7 billion (down 0.6% year-on-year) and a net profit of 9.5 billion (up 10.5% year-on-year) [6] - The company's air conditioning segment generated a revenue of 78 billion (up 11%), with expectations for export growth of 16% and domestic sales growth of 10% [7] Profitability Insights - The increase in profit for the first half of 2024 is attributed to an improved revenue structure leading to a rise in gross margin, despite a decline in gross margin for most business segments [8] - The overall gross margin increased by 1.7 percentage points due to a reduction in the scale of low-margin businesses [8] Asset and Cash Flow Analysis - The company's contract liabilities decreased by 6.4 billion from the previous quarter, but there remains significant growth potential with 14.1 billion in contract liabilities [9] - Operating cash flow for the first half of 2024 decreased year-on-year, with a lower ratio of cash inflow to revenue, likely linked to the reduction in contract liabilities [9] Future Outlook - The company is expected to maintain a strong performance in the upcoming quarters, with a projected revenue growth rate of 2% for 2024, followed by 3% for 2025 and 2026 [5] - The net profit growth rate is anticipated to be 11% in 2024, followed by 4% in 2025 and 6% in 2026 [5]