KinLong(002791) 国盛证券·2024-09-06 11:09Investment Rating - The investment rating for the company is "Buy" [2][8] Core Views - The company has shown improvement in operational quality, with a focus on new market scenarios and steady progress in overseas business [1] - Despite a decline in revenue and net profit in the first half of 2024, the second quarter showed signs of recovery, indicating a potential turnaround [1] - The company plans to enhance its market presence both domestically and internationally, particularly in non-residential projects and new product development [1] Financial Performance Summary - The company reported a revenue of 3.21 billion yuan in the first half of 2024, a year-on-year decrease of 4.35%, with a net profit of 4.89 million yuan, down 62.02% [1] - The second quarter revenue was 1.844 billion yuan, a decline of 7.86% year-on-year, but the net profit was 50.76 million yuan, a decrease of 26.36% [1] - The gross margin improved to 31.27% in the first half of 2024, up 0.08 percentage points year-on-year, aided by a decrease in raw material prices [1] Product and Regional Performance - Revenue from non-residential and public construction products showed positive growth, with specific increases in point-supported glass curtain walls (up 18.15%) and stainless steel railing components (up 20.51%) [1] - Domestic revenue was 2.845 billion yuan, down 5.82% year-on-year, while overseas revenue reached 365 million yuan, an increase of 8.97% [1] Future Earnings Forecast - The company’s projected net profits for 2024, 2025, and 2026 are 250 million yuan, 336 million yuan, and 420 million yuan, respectively, with corresponding P/E ratios of 32x, 23x, and 19x [1][2]