工控行业承压下紧抓结构性机会，核心产品份额快速提升。根据睿工业数据，24Q2 工控的OEM 市场销售额同比-7.5%，其中小型PLC 同比-3.3%，但公司把握市场动态，紧抓包装、机床、玻璃、木工、纺织、物流等行业解决方案。一方面，部分行业受益于终端出海、以旧换新需求，复苏态势表现较好，另一方面公司实现核心产品市占率稳步提升、替代外资尤其是日系品牌——24Q2 公司小型PLC/伺服系统/HMI 市占率分别为8.2%/4.3%/4.3%，同比+1.7pct /+0.7pct/+0.5pct。分产品看：1）PLC产品：24H1 实现收入3.12 亿元，同比+27%，毛利率56.7%，同比+1.7pct。Key points of investment
24H1 revenue +11% YoY, net profit to mother +22% YoY, net profit +31% YoY after deducting non-net profit. Performance exceeded market expectations. The company released its 2024 semi-annual report, achieving operating income of 0.797 billion yuan, +10.93% YoY, net profit to mother 0.127 billion yuan, +21.74% YoY, after deducting non-net profit of 0.113 billion yuan, +30.75% YoY. Among them, 2024Q2 achieved revenue of 0.457 billion yuan, +17.29% year-on-year, net profit to mother of 0.082 billion yuan, +30.27% year-on-year, after deducting non-net profit of 0.075 billion yuan, and +34.72% year-on-year, exceeding market expectations.
Profitability has been greatly improved, and the cost rate level has increased. 24H1 achieved a gross profit margin of 38.49%, +5.64pct year on year. Mainly, the share of revenue from PLC products with high gross profit increased to 39.13%, +4.49pct year on year. At the same time, the company increased investment in marketing network construction, informatization development and R&D. The cost rate during the 24H1 period was 23.88%, +2.21pct year on year. Among them, sales, management, finance, and R&D expenses were +1.28, +0.18, +0.09, and +0.67 pct, respectively.
The industrial control industry is seizing structural opportunities under pressure, and the share of core products has increased rapidly. According to Rui Industrial data, 24Q2 Industrial Control's OEM market sales were -7.5%, of which small PLCs were -3.3% year-on-year, but the company grasped market trends and focused on packaging, machine tools, glass, woodworking, textile, logistics and other industry solutions. On the one hand, some industries have benefited from demand for terminals to go overseas and trade-in, and the recovery trend has been good. On the other hand, the company has achieved a steady increase in the market share of core products, replacing foreign investment, especially Japanese brands - 24Q2's small PLC/servo system/HMI market share was 8.2%/4.3%/4.3%, respectively, +1.7pct/+0.7pct/+0.5pct. By product: 1) PLC products: 24H1 achieved revenue of 0.312 billion yuan, +27% year over year, gross profit margin of 56.7%, and +1.7 pct year over year.
While stabilizing its leading position in industries with traditional advantages such as packaging and textiles, the company is increasing the expansion of medium-sized PLC products and accelerating the expansion of industries such as new energy and high-end manufacturing. 2) Drive products: 24H1 achieved revenue of 0.365 billion yuan and gross margin of 24.30%. At present, the company has built 3 categories and 8 sub-series servo products: small-size servos, PROFINET bus servos, and low-voltage servos, and has optimized and perfected products such as inverters and stepper drivers. 3) Others: 24H1 HMI revenue 0.093 billion yuan, YoY +1.56%, gross profit margin 32.95%, intelligent manufacturing revenue 0.021 billion yuan, gross profit margin 38.08%.
Profit forecast and investment rating: We expect the company's net profit to be 0.245/0.299/0.362 billion yuan in 24-26, +23%/+22%/+21% over the same period. The corresponding current PE price is 18 times, 15 times, and 12 times, respectively. For the first time, coverage was given a “buy” rating.
Risk warning: macroeconomic downturn, increased competition, etc.