长虹华意：盈利能力稳健提升，冰压龙头行稳致远

Investment Rating - The investment rating for the company is "Outperform the Market" [1] Core Insights - The company is a global leader in the refrigerator compressor industry, established in 1990 and listed on the Shenzhen Stock Exchange in 1996. Its main business includes refrigerator and freezer compressors, new energy vehicle air conditioning compressors, and related materials and components. The company has maintained its position as the world's largest manufacturer of environmentally friendly, energy-efficient, and high-performance refrigeration compressors for eleven consecutive years [4][5]. - In the first half of 2024, the company reported a revenue of 6.73 billion yuan, a year-on-year decrease of 13.01%. However, the net profit attributable to shareholders increased by 37.65% to 227 million yuan, and the net profit excluding non-recurring items rose by 20.42% to 211 million yuan. The operating cash flow was 369 million yuan, down 36.10% year-on-year [4][5]. - The gross margin continued to improve, with an overall gross margin of 11.42%, up 1.45 percentage points year-on-year. The domestic gross margin increased by 2.43 percentage points to 7.88%, while the overseas gross margin decreased by 1.13 percentage points to 18.41% [4][5]. Revenue and Profitability - In the first half of 2024, the revenue from refrigerator and freezer compressors was 5.64 billion yuan, an increase of 10.72% year-on-year, with a gross margin of 12.06%. The revenue from raw materials and components was 867 million yuan, down 61.31%, with a gross margin of 6.64%. The revenue from new energy vehicle air conditioning compressors was 171 million yuan, up 41.76%, with a gross margin of 13.31% [5]. - The company produced 42.93 million compressors, a year-on-year increase of 16.2%, and sold 46.23 million units, up 15.8%, achieving a historical high and maintaining its leading position in global market share [5]. Financial Forecast and Valuation - The company is expected to maintain its leading position in the global refrigerator compressor industry, with projected net profits for 2024, 2025, and 2026 of 440 million yuan, 520 million yuan, and 584 million yuan, respectively, representing year-on-year growth of 22%, 18%, and 12% [5][6]. - The report suggests a valuation of 11-13 times PE for 2024, corresponding to a reasonable value range of 6.93 to 8.19 yuan per share [5].