Investment Rating - The investment rating for the company is upgraded to "Accumulate" [1] Core Views - The company reported a revenue growth of 8% year-on-year for H1 2024, but net profit decreased by 49% due to stock incentive expenses [1] - The lubricating system business experienced a decline in gross margin, while the hydraulic system revenue saw a significant increase of 95.85% year-on-year, contributing 24.52% to total revenue [1] - The company is actively expanding its product applications beyond wind power, with positive results observed in sectors such as construction machinery and rail transportation [1] Financial Performance Summary - For H1 2024, the company achieved revenue of 118.17 million and a net profit of 16.28 million, reflecting a year-on-year change of +20.31% and -43.53% respectively [1] - The average gross margin for the lubricating system was approximately 44.72%, down by 5.36 percentage points year-on-year [1] - The company expects revenues of 518 million, 722 million, and 1 billion for 2024, 2025, and 2026 respectively, with corresponding net profits of 91 million, 151 million, and 229 million [2][3] Key Financial Metrics - The projected P/E ratios for 2024, 2025, and 2026 are 31.69, 19.15, and 12.58 respectively [2][4] - The gross margin is expected to decline from 44.4% in 2023 to 39.2% in 2024, before stabilizing around 39.2% in 2026 [2][4] - The company's return on equity (ROE) is projected to improve from 4.2% in 2024 to 8.9% in 2026 [2][4]
盘古智能：24H1收入同比增长，股票激励费用拖累盈利