镁合金板块上市公司2024H1业绩点评：上半年整体运行稳健，加强研发、开拓市场成为发展方向

Investment Rating - The investment rating for the magnesium alloy industry is "Recommended" (maintained) [2] Core Viewpoints - The overall profitability growth of the magnesium alloy sector is slowing, with research and development capabilities becoming key to unlocking growth potential [2][3] - Companies are actively expanding their research and market development, focusing on applications in hydrogen storage, automotive lightweighting, and low-altitude aviation components [3][36] Summary by Sections 1. Performance of Magnesium Alloy Listed Companies in H1 2024 - The revenue of Baowu Magnesium Industry in H1 2024 was 4.075 billion, a year-on-year increase of 15.37%, while net profit decreased by 1.28% to 120 million [8] - Wan Feng Ao Wei reported revenue of 7.372 billion, a decrease of 1.8%, but net profit increased by 24.93% to 398 million [8] - Xingyuan Zhuo Magnesium achieved revenue of 183 million, a year-on-year increase of 7.11%, with net profit decreasing by 5% to 37 million [8] 2. R&D and Market Expansion - Companies are enhancing their technical and business research innovations, actively exploring domestic and international markets [3][36] - Baowu Magnesium has signed a strategic cooperation agreement for magnesium-based solid hydrogen storage, while Wan Feng Ao Wei focuses on lightweight automotive components and general aviation aircraft manufacturing [36][37] 3. Financial Stability and Cash Flow - The overall asset-liability ratio of the magnesium alloy industry remains stable, with Baowu Magnesium and Wan Feng Ao Wei around 50%, while Xingyuan Zhuo Magnesium operates with a low asset-liability ratio of 7.58% [23] - Cash flow in H1 2024 is generally sufficient but shows a downward trend compared to H1 2023, with Wan Feng Ao Wei reporting the highest operating cash flow of 485 million [29] 4. Investment Returns and Capital Operations - The return on assets (ROA) for the magnesium alloy sector ranges from 0.9% to 3.5%, while return on equity (ROE) is between 2% and 6%, indicating significant variation among companies [31] - Baowu Magnesium is actively advancing several self-built investment projects, including a high-performance magnesium alloy project with an expected investment return of 837 million [31][32]