2024-09-05 04:40Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company reported a revenue of 24.535 billion yuan for the first half of 2024, a year-on-year increase of 1.91%, with a net profit attributable to the parent company of 2.288 billion yuan, up 12.15% year-on-year [5][6] - The performance aligns with expectations despite a decline in revenue and net profit in Q2 compared to the previous year [5][6] - The company has seen significant growth in overseas markets, with overseas revenue increasing by 43.90% year-on-year, while domestic revenue decreased by 20.48% [6] Summary by Sections Financial Performance - For the first half of 2024, the company achieved a revenue of 24.535 billion yuan, with a net profit of 2.288 billion yuan [5][6] - The second quarter revenue was 12.762 billion yuan, down 6.50% year-on-year, while net profit was 1.372 billion yuan, up 11.56% year-on-year [5][6] - The company’s gross margin for the first half was 28.31%, an increase of 0.41 percentage points year-on-year [6] Product and Market Performance - The company’s product lines showed varied performance, with agricultural machinery and earth-moving machinery seeing significant growth, while crane and concrete machinery experienced declines [6] - New product launches in the renewable energy sector included 22 new models, contributing to a substantial increase in agricultural machinery sales, which grew over 112% year-on-year [6] Profitability and Forecast - The company has adjusted its profit forecasts for 2024-2026, now expecting net profits of 4.242 billion, 5.394 billion, and 6.686 billion yuan respectively [6][7] - The current stock price corresponds to a price-to-earnings ratio of 13X, 10X, and 8X for 2024-2026, indicating a relatively low valuation compared to peers [6]