汉钟精机：盈利能力提升，光伏真空泵业务承压

Investment Rating - The investment rating for the company is "Outperform the Market" [1][3][10] Core Views - The company's revenue for the first half of 2024 increased by 3.72% year-on-year, reaching 1.835 billion yuan, while the net profit attributable to shareholders grew by 23.30% to 451 million yuan. The gross margin and net margin were 40.45% and 24.63%, respectively, reflecting an increase of 2.08 and 3.93 percentage points year-on-year [1][5] - The vacuum pump business faced pressure, with revenue declining by 7% in the first half of 2024 due to a downturn in the photovoltaic industry. However, the gross margin for vacuum pumps improved to 48.25%, up 4.59 percentage points year-on-year, driven by lower raw material prices and capacity conversion [1][3] - The compressor business showed steady growth, benefiting from equipment upgrade policies. Despite challenges in the commercial central air conditioning market, demand remained stable in large engineering projects, and the company continued to innovate and update its product line [1][3] Summary by Sections Financial Performance - In the first half of 2024, the company reported a revenue of 1.835 billion yuan, a 3.72% increase year-on-year, and a net profit of 451 million yuan, reflecting a 23.30% growth. The gross margin was 40.45%, and the net margin was 24.63% [1][5] - The second quarter of 2024 saw a revenue of 1.085 billion yuan, a 0.60% increase year-on-year, and a net profit of 304 million yuan, up 22.21% year-on-year, attributed to ongoing order fulfillment [1][3] Business Segments - The photovoltaic vacuum pump segment experienced a revenue decline of 7.11% in the first half of 2024, primarily due to a decrease in the number of photovoltaic projects. Despite this, the long-term growth potential in the photovoltaic sector remains significant [1][3] - The compressor business, which includes refrigeration and air compressors, showed resilience with stable market demand. The company is expected to benefit from national policies promoting equipment upgrades [1][3] Profitability and Valuation - The company has adjusted its profit forecasts for 2024-2026, now expecting net profits of 923 million, 959 million, and 1.075 billion yuan, respectively, with corresponding price-to-earnings ratios of 10, 10, and 9 times [1][3][8]