YINDU KITCHEN EQUIPMENT CO., LTD(SH:603277) Guoyuan Securities·2024-09-12 00:08Investment Rating - The report maintains a rating of "Accumulate" for Yindu Co., Ltd. [4] Core Views - Yindu Co., Ltd. has entered an upward profit channel, with ongoing global expansion efforts [3] - The company reported a revenue of 1.367 billion yuan for the first half of 2024, a year-on-year increase of 2.61%, and a net profit attributable to shareholders of 347 million yuan, up 28.80% year-on-year [4] - The decline in shipping costs has improved profitability, with gross margin and net profit margin increasing by 5.79 percentage points and 5.16 percentage points, respectively [4] Summary by Sections Financial Performance - In H1 2024, the company achieved revenues of 631 million yuan in Q1 and 735 million yuan in Q2, representing year-on-year growth of 5.60% and 0.18%, respectively [4] - The revenue from commercial catering refrigeration equipment, Western kitchen equipment, and self-service equipment for H1 2024 was 1.014 billion yuan, 215 million yuan, and 72 million yuan, with year-on-year changes of 3.5%, -10.1%, and -10.2% [4] - The overseas revenue was 1.291 billion yuan, up 6.49% year-on-year, while domestic revenue was 740 million yuan, down 37.99% year-on-year [4] Profitability - The gross margin and net profit margin for H1 2024 were 46.51% and 25.36%, respectively, benefiting from lower shipping costs [4] - The company's R&D expense ratio was 1.85%, a decrease of 0.19 percentage points year-on-year due to fewer direct investments in R&D for new products [4] Product Development and Global Expansion - The company received the 2024 Kitchen Technology Innovation Award for its "French Fry Automatic Box Packing Machine," attracting more cooperation from U.S. chain customers [4] - The company is advancing its "85 Country Plan" with the completion of its own overseas warehouse in the UK and ongoing construction in France [4] Investment Recommendations and Profit Forecast - The report forecasts revenues of 2.995 billion yuan, 3.345 billion yuan, and 3.714 billion yuan for 2024, 2025, and 2026, respectively, with net profits of 658 million yuan, 753 million yuan, and 855 million yuan [4] - The expected EPS for 2024, 2025, and 2026 is 1.55 yuan, 1.77 yuan, and 2.01 yuan, corresponding to P/E ratios of 15.76, 13.78, and 12.13 [4]