Revenue performance grew at the same time, and profitability was relatively stable. 24Q2 achieved revenue of 1.415 billion yuan, +27.86% YoY, +48.21% month-on-month; realized net profit to mother 0.183 billion yuan, +13.58% YoY, +58.16%. 24H1 achieved total revenue of 2.37 billion yuan, +20.82% YoY; realized net profit of 0.299 billion yuan to mother, +19.04% YoY. 24Q2's overall gross margin was 32.8%, -0.08pct year over year, -2pct month-on-month; overall net margin was 13.28%, -1.7pct yoy, +0.91pct month-on-month. 24H1's overall gross margin was 33.61%, +0.98pct year on year; the overall net margin was 12.91%, -0.34pct year on year. The 24H1 company's expense ratio during the period was 19.97%, +1.7 pct. The increase in the cost ratio was mainly due to financial expenses.
The revenue of 24H1's three main businesses all increased significantly, and the gross margin of injection molding machines and die-casting machines increased year-on-year. According to the company's semi-annual report, 24H1's injection molding machine achieved revenue of 1.708 billion yuan, +16.29%, mainly due to the recovery in industry prosperity and further strengthening of the company's competitiveness; the die-casting machine achieved revenue of 0.417 billion yuan, +35.3%, mainly due to the company's new products launched in 2023, which boosted product sales; and the rubber machine achieved revenue of 0.096 billion yuan, +22.55% year over year, mainly due to increased export orders. The gross margin of 24H1's injection molding machine was 32.69%, +1.15 pct year on year; the gross margin of the company's die casting machine was 34.97%, +0.61 pct year on year.
Technology research and development drives product breakthroughs and further broadens sales channels. In the first half of this year, the company's new SKIII series injection molding machines were fully launched. The full range of medium and large all-electric injection molding machines were fully launched and sold in overseas markets. The 8500T oversized injection molding machine was officially launched and delivered to customers, the LEAP 7000T oversized die casting machine was successfully delivered to Changan Automobile, and the world's largest 3200T semi-solid magnesium alloy injection molding machine was successfully signed. The breakthrough on the product side established the company's leading position in the injection molding machine industry and marked a new milestone in the field of metal molding and magnesium alloy injection molding. At the same time, 24H1 set up a new subsidiary in Mexico to expand the American market and a new subsidiary in Zhejiang to strengthen the development of the East China market. We believe this move is expected to improve the company's domestic and foreign market sales layout.
We slightly increased the revenue growth rate based on industry development in the first half of the year and the company's operating conditions. According to the interim report data and gross margin adjustment forecast under recent business conditions, the company's EPS for 24-26 is expected to be 1.31/1.62/1.95 yuan (the original value was 1.36/1.66/1.97 yuan), respectively. Referring to the 24-year, 15-fold adjusted average price-earnings ratio of comparable companies, Yizumi was given a target price of 19.65 yuan to maintain the purchase rating.
Risk warning
The risk of declining performance due to macroeconomic fluctuations, the risk that the pace of production capacity release falls short of expectations, the risk that integrated die casting will fall short of expectations, the risk of increased competition in the industry, and the risk of price fluctuations of major raw materials.