三一重工：挖掘机械转为正增长，盈利能力稳中有升

Investment Rating - The report maintains an "Overweight" rating for the company [2][5] Core Views - The company reported a revenue of 39.06 billion yuan for H1 2024, a year-over-year decrease of 2.16%, while the net profit attributable to shareholders was 3.573 billion yuan, an increase of 4.80% year-over-year [5] - The excavator segment has turned to positive growth, with revenue of 15.215 billion yuan in H1 2024, a year-over-year increase of 0.43% [5] - The overseas market has shown significant growth, particularly in Africa, where revenue increased by 66.71% year-over-year [5] Financial Summary - For H1 2024, the company achieved a gross margin of 28.24%, up 0.03 percentage points year-over-year, and a net profit margin of 9.15%, up 0.63 percentage points year-over-year [5] - The company’s operating cash flow improved significantly, with a net cash flow from operating activities of 8.438 billion yuan, a year-over-year increase of 2204.61% [5] - The forecast for net profit attributable to shareholders for 2024-2026 is adjusted to 6.410 billion, 7.674 billion, and 8.979 billion yuan, respectively, with corresponding P/E ratios of 21.3, 17.8, and 15.2 times [5][6]