银都股份：盈利能力同比回升，期待新品放量

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][9][13] Core Views - The company reported a revenue of 1.367 billion yuan for the first half of 2024, representing a year-on-year increase of 2.61%, while the net profit attributable to shareholders was 347 million yuan, up 28.8% year-on-year [6][10] - The company is focusing on global expansion and has established sales subsidiaries in over 80 countries, including the US, UK, Germany, and Australia [9][11] - The company has received recognition for its innovative products, such as the "French Fry Automatic Box Machine," which won the 2024 Kitchen Technology Innovation Award [9][11] Financial Performance - The gross margin and net margin for the first half of 2024 were 46.51% and 25.36%, respectively, showing an increase of 5.79 percentage points and 5.16 percentage points year-on-year [7] - The company’s operating cash flow for the first half of 2024 was 302 million yuan, a decrease of 27.92% year-on-year [7][10] - The company’s revenue is projected to reach 2.842 billion yuan in 2024, with a year-on-year growth of 7.1%, and net profit is expected to be 641 million yuan, reflecting a growth of 25.5% [10][15] Segment Analysis - Revenue from commercial refrigeration equipment was 1.014 billion yuan, up 3.51% year-on-year, while revenue from Western kitchen equipment was 215 million yuan, down 10.08% year-on-year [8] - The overseas market generated 1.291 billion yuan in revenue, an increase of 7.37% year-on-year, while the domestic market saw a decline to 74 million yuan, down 42.71% year-on-year [8][9] Valuation - The company is expected to achieve a PE valuation of 19-20 times for 2024, slightly above comparable companies, with a reasonable value range of 28.69-30.20 yuan per share [9][13] - The projected PB for 2024 is estimated to be between 3.76-3.96 times, which is considered reasonable compared to the range of comparable companies [9][13]