管道业务实现收入24.52 亿，同比-16.03%，拆分来看，PVC 管/PPR 管/PE管分别实现营收12.10/5.36/5.73 亿，同比分别变动-23.43%/-7.47%/-8.20%，毛利率分别为15.34%/42.66%/18.93% ， 分别同比变动-3.48pct/-2.15pct/-0.87pct。24H1 全国管材原材料PVC、HDPE、PPR 均价分别为5917、8666、8849 元/吨，同比分别-3.75%、+1.91%、+0.81%，24Q3 以来PVC、HDPE、PPR 价格同比分别-3.44%、+1.65%、+1.07%，原材料价格总体保持稳定。分区域来看，华北/东北/外销实现正增长，分别同比+1.70%/+13.02%/+7.94%，核心华东区域销售额同比下滑21.13%。Results in the first half of the year were briefly pressured, and Q2 profits achieved relatively rapid growth
24H1 achieved revenue of 3.15 billion yuan, -13.50% YoY, net profit to mother of 0.125 billion, -26.54% YoY, net profit of 0.115 billion, or -25.45% YoY. In the second quarter, the company achieved revenue of 1.907 billion yuan, -6.82% YoY, net profit to mother 0.111 billion, +17.95% YoY. After deducting non-net profit, 0.104 billion, +26.85% YoY. The pressure on the first half of the year's results was mainly due to a decline in gross margin and an increase in expense ratios. The positive increase in Q2 profit was mainly due to a year-on-year decrease in impairment losses. Considering the impact of the downward real estate cycle on the company's sales business, we slightly lowered the company's profit forecast. The company's net profit for 24-26 is 0.34/0.37/0.4 billion (previous value was 0.41/0.47/0.53 billion), corresponding to PE 13.8/12.8/11.6 times, maintaining the “buy” rating.
Raw material prices are generally stable, and overseas prospects are promising
The pipeline business achieved revenue of 2.452 billion, or -16.03%. Looking at the breakdown, PVC pipe/PPR pipe/PE pipe achieved revenue of 1.21/0.536/0.573 billion, with year-on-year changes of -23.43%/-7.47%/-8.20%, and gross margins of 15.34%/42.66%/18.93%, respectively, with year-on-year changes of -3.48pct/-2.15pct/-0.87pct, respectively. The average price of PVC, HDPE, and PPR raw materials for 24H1 pipes nationwide was 5917, 8666, and 8849 yuan/ton, respectively, -3.75%, +1.91%, and +0.81% year-on-year. Since 24Q3, PVC, HDPE, and PPR prices have been -3.44%, +1.65%, and +1.07% year-on-year respectively, and the overall raw material prices have remained stable. Subregionally, North China/Northeast China/export sales achieved positive growth, +1.70%/+13.02%/+7.94%, respectively, while sales in the core East China region declined 21.13% year over year.
Business revenue has declined, and we are waiting for the solar energy business to continue to expand
24H1's solar business achieved revenue of 0.508 billion, -3.08% year-on-year. Sales of 24H1 PV modules have increased, but due to a sharp drop in product prices, sales revenue and gross margin have declined, leading to a decline in the overall profit level of the solar energy business. The holding subsidiary Gongyuan Xinneng 24H1 achieved revenue of 0.511 billion yuan, -5.28% year-on-year, net profit of 0.015 billion yuan, or -60.72% year-on-year, after deducting non-net profit of 0.012 billion yuan, or -66.81% year-on-year. Gongyuan New Energy has gathered rich customer resources, and its products are exported to more than 70 countries and regions, including the United States, Germany, Italy, France, and Australia. Driven by favorable factors such as the continuous decline in photovoltaic power generation costs and a global green recovery, it is waiting for the solar energy business to continue to expand.
The gross margin declined slightly, and the cost ratio increased year-on-year
The 24H1 comprehensive gross margin was 19.5%, -2.64pct year on year, and the gross margin for the second quarter was 20.30%, -3.60pct; the 24H1 period expense ratio was 15.02%, +1.93pct year on year; sales/management/R&D/finance expense ratios were 5.47%/6.69%/3.76%/-0.90%, respectively, with year-on-year changes of +0.81pct/+1.15pct/+0.33pct. Financial expenses decreased by -35.66% year on year, mainly due to foreign exchange Increased earnings. Asset and credit impairment losses were 0.007 billion yuan, a decrease of 0.112 billion yuan compared to the same period last year, and other income increased 0.022 billion yuan year over year. Under the combined influence, 24H1 net interest rate was 4.14%, down 0.82pct year on year, and Q2 net margin was 5.94%, up 1.04pct year on year. 24. In the first half of the year, CFO's net amount was 0.385 billion yuan, the year-on-year decrease in inflows was 0.031 billion yuan, and the current payout ratio was 121.20%/108.86%, -1.36 pct/-13.56 pcts year on year.
Risk warning: Prices of raw materials rose more than expected; real estate policies continued to be tightened; production capacity release fell short of expectations; downstream competition intensified and prices fell beyond expectations.
