The company issued a semi-annual performance forecast, with excellent performance:

The company expects 24H1 net profit to be 8.9 to 1.04 billion yuan, +45% to 70% year over year, 0.97 billion yuan, +57% year over year; estimated net profit without return to mother will be 8.3 to 0.98 billion yuan, +58% to 88% year over year, and 0.9 billion yuan year on year, +73% year over year.

The estimated net profit for 24Q2 is 3.9 to 0.55 billion yuan, +31% to 83% year over year, 0.47 billion yuan, +57% year over year; estimated net profit without return to mother is 3.7 to 0.52 billion yuan, +49% to 110% year over year, and 0.45 billion yuan year on year, +79% year over year.

Domestic and overseas market demand is under pressure, and the company's performance is clearly superior to the industry:

In response to the adverse factors in the international and domestic markets, the company actively adopted coping strategies around the three core tasks of “profit growth, business growth, and capacity growth”. The company's overall operating efficiency improved markedly. The sales growth rate in the international and domestic markets continued to outperform the industry, and its market share continued to increase. The improvement in gross profit margin and net interest rate exceeded expectations, promoting a significant increase in operating performance and cash flow in the first half of the year.

The announcement of the first repurchase of the company's shares was issued, demonstrating confidence in long-term development:

The company plans to repurchase some public shares through centralized bidding transactions for the new phase of equity incentives or employee stock ownership plans; the repurchase amount range is not less than RMB 100 million (inclusive) and not more than RMB 200 million (inclusive), and the maximum repurchase price shall not exceed RMB 15.00 per share (inclusive).

The company announced on July 17 that it had implemented an initial repurchase. The number of shares repurchased was 1,823,700 shares, accounting for 0.09% of the company's total share capital. The highest transaction price was 11.18 yuan/share, the minimum transaction price was 10.55 yuan/share, and the total transaction amount was 19,999,972 yuan (excluding transaction fees).

I am optimistic that the company will work hard to strengthen its advantageous industries and set sail to promote global expansion:

The company has always insisted on R&D innovation to expand its product line. At present, it has formed a complete R&D system and carried out multiple R&D projects to build the world's leading equipment manufacturing R&D strength and talent team. At the same time, the company actively lays out overseas markets, relies on a rich product line, and continuously enhances product portfolio+solution advantages. Overseas sales revenue broke through the 10 billion mark in 23 years, with a year-on-year increase of more than 41%, and all overseas regions have achieved profitable growth.

Profit forecast: We expect the company's 2024-2026 revenue to be 30.189, 35.405, and 42.102 billion yuan, respectively; Yoy will be +9.7%, +17.28%, and +18.91% respectively; net profit to mother will be 1.425, 2.011, and 2.721 billion yuan, respectively; yoy will be +64.2%, +41.13%, and +35.31% respectively; maintaining the “buy” rating.

Risk warning: policy risk, market risk, exchange rate risk, raw material price fluctuation risk, etc.; performance forecasts are preliminary calculations only, please refer to the company's official financial report; subsequent repurchase plans are subject to the company's announcement.