LIUGONG(000528) 天风证券·2024-12-03 07:49Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 11.13 yuan [7] Core Views - The company announced a second share repurchase plan within the year, with a repurchase amount ranging from 300 million to 600 million yuan, at a price not exceeding 18.20 yuan per share, demonstrating confidence in long-term sustainable development [1][2] - The company decided not to exercise the early redemption right for "Liugong Convertible Bond 2" to protect investor interests [3] - The company achieved a 20% YoY growth in revenue in the first half of the year, with overseas gross margin reaching 29.09%, significantly higher than the domestic gross margin of 18.15% [4] - The company is expected to achieve net profits of 1.58 billion, 2.23 billion, and 3.00 billion yuan in 2024, 2025, and 2026, respectively, with YoY growth rates of 82.0%, 41.0%, and 34.7% [5] Financial Data and Valuation - Revenue is projected to grow from 27.52 billion yuan in 2023 to 43.81 billion yuan in 2026, with a CAGR of 20.75% [6] - Net profit attributable to the parent company is expected to increase from 867.81 million yuan in 2023 to 3.00 billion yuan in 2026, with a CAGR of 34.74% [6] - The company's PE ratio is forecasted to decrease from 25.78 in 2023 to 7.45 in 2026, indicating potential undervaluation [6] Operational Performance - The company's overseas gross margin reached 29.09% in the first half of the year, up 1.12 percentage points YoY, driven by market strategy optimization and product structure adjustments [4] - The company's EBITDA is expected to grow from 3.51 billion yuan in 2023 to 5.38 billion yuan in 2026, reflecting strong operational efficiency [6] Share Repurchase and Investor Protection - The company plans to repurchase shares worth 300-600 million yuan, with a maximum price of 18.20 yuan per share, to be used for employee stock ownership or equity incentive plans [1] - The company has secured a loan commitment of up to 420 million yuan from ICBC Guangxi Branch to support the repurchase, with a loan interest rate of 1.96% [1] - The company decided not to exercise the early redemption right for "Liugong Convertible Bond 2" to protect investor interests, with a commitment not to redeem within 12 months [3] Internationalization and Market Strategy - The company has been focusing on both domestic and international markets, with a significant increase in overseas profitability [4] - The company's product portfolio and comprehensive solutions have been continuously optimized, leading to a 20% YoY growth in revenue in the first half of the year [4]