回购注销彰显诚意。根据公司公告，基于对公司未来持续稳定发展的信心和对公司价值的认可，为维护公司价值，提升股东权益，有效维护广大投资者利益，增强投资者信心，推进公司股价与内在价值相匹配，公司拟使用不低于人民币2000 万元（含）、不超过人民币4000 万元（含）的自有资金回购股份，所回购的股份将用于减少注册资本并依法注销。Incident: Yinghantong released its 2024 semi-annual report: 24H1 achieved revenue of 0.261 billion yuan (YoY +10.29%), net profit of 53.42 million yuan (YoY +14.71%), net profit of 49.76 million yuan (YoY +15.46%), gross profit margin 52.47% (YoY +3.67pct), net profit margin 20.47% (YoY +0.79pct); 24Q2 achieved revenue of 0.155 billion yuan (YoY +0.79pct); 24Q2 achieved revenue of 0.155 billion yuan (YoY +0.79pct) +8.77%, month-on-month +45.76%), net profit to mother of 37.13 million yuan (YoY -0.30%, month-on-month +127.93%), net profit net profit of 35.01 million yuan (YoY -0.75%, month-on-month +137.32%), gross profit margin 52.22% (YoY +2.80pct, month-on-month -0.61 pct), net profit margin 23.99% (YoY -2.18pct, month-on-month +8.65pct).
Breakthroughs have been made in new businesses, and enterprise network products have more than doubled. By business: 24H1's industrial IoT products achieved revenue of 0.136 billion yuan (YoY +19.80%), gross margin of 55.54%; digital distribution grid products achieved revenue of 68.18 million yuan (YoY -0.45%), gross margin of 43.47%; enterprise network products achieved revenue of 34.63 million yuan (YoY +126.36%), gross margin of 56.07%; intelligent sales control system products achieved revenue of 10.47 million yuan (YoY- 67.75%), gross margin of 33.10%; technical services and other revenue of 11.83 million yuan (+69.73% YoY), gross margin of 75.63%.
Going overseas has been very effective, and the share of overseas business has further increased. By region: 24H1's domestic revenue was 0.144 billion yuan (-8.64% year over year), gross margin was 45.70%; overseas revenue was 0.117 billion yuan (YoY +48.24%), accounting for 44.73% of overseas revenue, and gross margin of 60.83%. Among them, the company's North American subsidiary InHand Networks, Inc. achieved revenue of 0.107 billion yuan (+51.63% year over year), achieving net profit of 33.56 million yuan (YoY) +80.62%).
Repurchase cancellation shows sincerity. According to the company's announcement, based on confidence in the company's future stable development and recognition of the company's value, in order to maintain the company's value, enhance shareholders' rights and interests, enhance investor confidence, and promote the matching of the company's stock price with intrinsic value, the company plans to use no less than RMB 20 million (inclusive) and no more than RMB 40 million (inclusive) to repurchase shares. The shares repurchased will be used to reduce the registered capital and be cancelled in accordance with law.
Profit forecast: We expect the company's revenue for 2024-2026 to be 0.574 billion yuan, 0.691 billion yuan, and 0.831 billion yuan respectively; net profit to mother will be 0.107 billion yuan, 0.131 billion yuan, 0.158 billion yuan, EPS 1.46 yuan, 1.78 yuan, and 2.15 billion yuan, respectively. Referring to the company's historical valuation and the average valuation level of comparable companies, the company was given a 2024 dynamic PE range of 20-25X, corresponding to a reasonable value range of 29.16-36.45 yuan, which is “superior to the market” rating.
Risk warning: Distribution grid capital expenditure falls short of expectations, overseas market expansion falls short of expectations, macroeconomic downturn.
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