维修及小批试制业务加速牵引营收中高速增长，受子公司亏损影响利润增长慢于营收。公司24H1 实现营收4.85 亿（yoy+27.04%），上半年公司批产产品稳定交付，且为前期部分装备提供隐身材料维修业务，同时兼容隐身材料、热阻材料、树脂基及陶瓷基复合材料的小批试制交付加快。利润端，公司24H1 实现归母净利润2.16 亿，同比增长17.44%，单Q2 净利润增速为6.32%，相较收入端增速较低，主要系上半年子公司仍处于建设早期发生较多亏损。上半年，华秦航发、华秦光声、瑞华晟新材料、华秦工程四家子公司分别亏损691.78、909.09、992.47、411.77 万元。Description of the event
The company released its 2024 semi-annual report. 24H1 achieved revenue of 0.485 billion yuan, an increase of 27.04% year on year; net profit of 0.216 billion, up 17.44% year on year; net profit after deducted from mother was 0.207 billion, up 18.15% year on year; single Q2 achieved revenue of 0.238 billion, up 21.71% year on year and 4.06% month on month; net profit to mother was 0.101 billion, up 6.32% year on year, down 11.54 month on month %; Net profit after deducting non-return to mother was 0.095 billion, up 8.1% year over year and decreased by 14.48% month on month.
Incident comments
The maintenance and small-batch trial production business accelerated high growth in revenue, and profit growth was slower than revenue due to subsidiary losses. The company's 24H1 achieved revenue of 0.485 billion (yoy +27.04%). The company produced stable delivery of batch products in the first half of the year, and provided stealth material maintenance services for some early equipment. At the same time, small-batch trial delivery compatible with stealth materials, heat-resistant materials, and resin-based and ceramic-based composites accelerated. On the profit side, the company's 24H1 achieved net profit of 0.216 billion yuan, an increase of 17.44% over the previous year. The net profit growth rate for single Q2 was 6.32%. Compared with the revenue side, it is mainly due to subsidiaries that were still in the early stages of construction. In the first half of the year, the four subsidiaries of Huaqin Hangfa, Huaqin Guangsheng, Ruihuasheng New Materials, and Huaqin Engineering lost 691.78 million yuan, 9.0909, 9.9247, and 4.1177 million yuan respectively.
Profit levels fluctuated due to falling gross margins, increases in period expense ratios, and reduced returns due to changes in fair value. The company's 24H1 gross sales margin was 56.27% (yoy-1.8pcts), and some subsidiaries began to contribute revenue in the first half of the year, but since it was still in the early stages of development, it had an impact on the overall gross margin; the period expense ratio was 15.75% (yoy+1.54pcts), of which the management expense ratio was 6.66% (yoy+1.54pcts), mainly due to the expansion of subsidiary size, increased management remuneration, and share payment expenses of Shanghai Ruihuasheng; the financial expenses ratio was 0.68% (yoy+1.94pcts), mainly The lease did not confirm the amortization of financing expenses, increased interest on loans, and discount fees. Furthermore, the company's maturing structured wealth management income decreased, resulting in a 92.51% year-on-year decrease in H1 fair value change profit and loss.
With sufficient orders in hand, the company actively prepares production and prepares goods, and the production expansion project accelerates the guarantee of order delivery and future business development. The company has sufficient orders. From January to July 2024, the company announced three sales contracts for batch production projects, with a total amount of 0.774 billion yuan before tax. In order to ensure the smooth delivery of orders, the company actively increased the preparation of raw materials. The inventory balance at the end of 24H1 was 0.199 billion, an increase of 59.02% over the beginning of the year. In terms of production capacity, the company's balance of projects under construction at the end of 24H1 was 0.757 billion, up 65.81% from the beginning of the year, and the fixed asset balance was 0.335 billion, up 16.23% from the beginning of the year. The company's New Material Park fund-raising project is progressing at an accelerated pace, aiming to complete some plant infrastructure construction, complete the renovation of some plants and R&D centers by the end of the year, and the Technology New Material Park (Phase II) project is also under construction planning.
The company's various new business developments will successfully open up a multi-dimensional growth curve, and it is expected to build a flagship platform for special functional materials.
In 2024H1, the company accelerated expansion and implementation of various new businesses: Huaqin, Shenyang began to carry out the work related to certification of complete parts processing to parts manufacturing to further increase the overall revenue scale; Nanjing Huaqin has gradually entered the engineering stage of actual application in the fields of rail transit, energy and electricity, aerospace, nuclear industry, building acoustics, underwater sound stealth, etc.; Ruihuasheng New Materials is currently actively carrying out early construction work on ceramic-based composites projects to achieve trial production of some production lines in the second half of 2024. Currently, various subsidiaries are still in the loss stage due to large upfront investment. It is expected that they will gradually achieve profits in the future as business expansion and scale effects become apparent.
Risk warning
1. The risk of revenue fluctuations due to the pace of order placement;
2. The risk that the profit level will decline due to product price reduction.
