投资建议：公 司收入表现亮眼，业绩符合预期，后续拓展新品类和新市场有望带来新的增量，增长势能有望延续。考虑到后续汇兑贡献和新品利润贡献的季度具备不确定性，我们下调公司2024~2026年盈利预测，预计2024~2026 年EPS 为1.22/1.61/2.00 元（原值为1.29/1.67/2.08 元，分别下调5%/4%/4%），参考同行业可比公司，给予公司2024 年20 倍估值，下调目标价至24.4 元。Introduction to this report:
The company's revenue increased in 2024Q2, with impressive growth in the air compressor business. High-end product structure Product upgrading helps improve profits, and subsequent growth is expected to continue. Increase your holdings.
Key points of investment:
Investment advice: The company's revenue performance is impressive, and the performance is in line with expectations. The subsequent expansion of new categories and markets is expected to bring new increases, and the growth potential is expected to continue. Considering the quarterly uncertainty of subsequent exchange contributions and new product profit contributions, we lowered the company's profit forecast from 2024 to 2026. EPS is expected to be 1.22/1.61/2.00 yuan (original value was 1.29/1.67/2.08 yuan, down 5%/4%/4%, respectively). Referring to comparable companies in the same industry, the company was valued 20 times in 2024, and the target price was lowered to 24.4 yuan.
The company's revenue performance was impressive, and the performance was in line with expectations: 24H1 achieved operating income of 0.739 billion yuan, +55.16% year over year, net profit to mother 0.097 billion yuan, +46.88% year on year; of these, 2024Q2 achieved operating income of 0.413 billion yuan, +77.53% year on year, net profit of 0.054 billion yuan year on year, +14.99%, net profit of non-return to mother of 0.052 billion yuan, +20.33% year on year. The company plans to pay a cash dividend of 90.41 million yuan in 2024H1, accounting for about 93% of the total net profit of 2024H1; previously, the dividend ratio for 2023 was as high as 85%, and the company is highly motivated to give back to shareholders.
Revenue growth was impressive, with a high increase in air compressors: the company's 24H1 wet and dry vacuum cleaner revenue was 0.38 billion yuan, +38.5% year over year; small air compressor revenue was 0.25 billion yuan, +72.4% year over year; and accessories and other revenue was 0.11 billion yuan, +94.3% year over year. We estimate that the increase in revenue is mainly due to: 1) improvements in original product shipments brought about by channel inventory; 2) the air compressor announced the signing of a new order for the Home Depot HUSKY brand at the beginning of the year, and the increase in revenue due to the launch of the new SKU.
Structural optimization helped improve profit: 2024Q2 gross margin was 33.34%, +4.62 pct year on year, net margin was 13.15%, and -7.15 pct year on year. The reason for the year-on-year improvement in the company's Q2 gross margin was the increase in the share of supply of high-end products with better profits. The sales, management, R&D, and financial expense ratios for the 24Q2 quarter were 13.54%, 3.07%, 4.98%, and -1.81%, respectively, +1.81, -5.03, -1.23, and +20.36 pct. The fluctuation of 2023Q2 RMB clearly led to higher exchange earnings for the company, and the effects of this part of the increase in 2024Q2 weakened.
Risk warning: Geographical conflict affects exports, risk of fluctuations in raw material prices
