2024H1，公司实现毛利率/净利率21.58%/9.58%，同比+1.83/+1.09pct，2024Q2，公司实现毛利率/净利率22.45%/9.60%，同比+1.37/-0.38pct，公司盈利水平保持稳健提升。2）期间费用：2024H1，公司期间费用率11.74%，同比+1.55pct ， 其中销售/ 管理/ 财务/ 研发费用率为4.23%/2.49%/-0.39%/5.40%，同比+0.96/+0.22/-0.26/+0.63pct 。2024Q2，公司期间费用率12.51%，同比+2.90pct，其中销售/管理/财务/研发费用率为4.52%/2.71%/-0.68%/5.96%，同比+1.09/+0.53/-0.14/+1.42pct。公司加大国内外市场布局及研发投入，销售及研发费用率同比提升明显。同时，公司财务费用变动主要系利息费用同比减少及汇率波动所致。Key points of investment:
incident. The company discloses its 2024 semi-annual report. 2024H1 achieved operating income of 9.009 billion yuan, +3.32% year over year; realized net profit of 0.803 billion yuan, +22.00% year over year; realized net profit deducted from non-mother 0.72 billion yuan, +26.83% year over year. Among them, 2024Q2 achieved operating income of 4.704 billion yuan, +4.08% year over year; realized net profit of 0.413 billion yuan, +4.53% year over year; and realized net profit of 0.38 billion yuan without return to mother, +8.56% year over year.
Profitability increased steadily in the first half of the year, increasing marketing and R&D to enable long-term development. 1) Profitability:
2024H1, the company achieved gross margin/net profit margin of 21.58%/9.58%, +1.83/+1.09pct, 2024Q2, the company achieved gross margin/net profit margin 22.45%/9.60%, and +1.37/ -0.38pct year on year, and the company's profit level continued to increase steadily. 2) Period expenses: 2024H1, company period expense ratio 11.74%, year-on-year +1.55pct, of which sales/management/ financial/ R&D expenses ratio was 4.23%/2.49%/-0.39%/5.40%, +0.96/+0.22/-0.26/+0.63pct year-on-year. 2024Q2, the company's cost rate for the period was 12.51%, +2.90pct year on year, of which the sales/management/finance/R&D expenses ratio was 4.52%/2.71%/-0.68%/5.96%, +1.09/+0.53/-0.14/+1.42pct year on year. The company increased its domestic and foreign market layout and R&D investment, and sales and R&D expenses increased significantly over the same period last year. At the same time, changes in the company's financial expenses are mainly due to year-on-year reduction in interest expenses and exchange rate fluctuations.
Contract liabilities and inventory increased year-on-year, net cash flow from operating activities declined year-on-year, and impairment losses decreased. 1) Contract liabilities and inventory: As of June 30, 2024, the company's contract debt was 0.352 billion yuan, +6.41% year over year, and inventory size was 2.955 billion yuan, +29.36% year over year. 2) Net cash flow from operating activities: 2024H1. The company's net cash flow from operating activities was 0.257 billion yuan, or -48.14% year-on-year, mainly due to the year-on-year increase in the company's cash and sales expenses for purchases of goods and services. 3) Impairment losses:
2024H1, the company's credit impairment loss was 0.011 billion yuan, a decrease of 0.008 billion yuan compared to 0.019 billion yuan in the same period of the previous year; the asset impairment transfer was 0.001 billion yuan, mainly due to inventory depreciation losses and contract performance cost impairment losses. The asset impairment loss for the same period last year was 0.001 billion yuan.
The industrial layout continues to be optimized, and business trends in electrification, post-market, and intelligent logistics continue to develop. 1) New energy forklifts: The company overcame high-efficiency distributed electric drive technology, implemented research and development of the largest tonnage electric forklift (55 tons), and the Heli (Lu'an) high-end casting project was officially put into operation. Heding Electromechanical's 6 million kilowatt-hour new energy lithium battery construction project will soon be put into operation. 2024H1, the company's new energy forklift sales volume was +37.66% year-on-year, accounting for 62.72% of total sales. ② New businesses such as aftermarket and intelligent logistics:
The company completed the investment and acquisition of Yufeng Smart, opened the Heli Intelligent Logistics Industrial Park, and further extended the intelligent logistics industry chain. 2024H1, the company's parts business external revenue +14.30% YoY; Aftermarket Business Revenue +10.50% YoY; Intelligent Logistics Business Revenue +161.20% YoY.
Firmly adhere to the global expansion strategy, and continue to advance the “1+N+X” layout. The company continues to build a global layout of “1 Chinese headquarters+N overseas centers+X global teams”. In the first half of 2024, Heli Oceania officially opened, and plans to invest in the establishment of Heli's European headquarters and Heli's overseas (Germany) R&D center. 2024H1, the company's total machine export volume was +29.62%, achieving overseas revenue of 3.486 billion yuan, +20.52% year-on-year, and the share of overseas revenue reached 38.69%, +5.11pct year on year. The competitiveness and market share in the international market continued to expand.
Profit forecasting and valuation. We expect the company to achieve operating income of 19.934/22.544/25.158 billion yuan in 2024/2025/2026, up 14.1%/11.6% year on year; net profit to mother is 1.545/1.893/2.162 billion yuan, up 20.9%/22.5%/14.2% year on year. We gave the company a PE valuation of 10-12 times in 2024, with a reasonable value range of 17.35-20.82 yuan/share (the company's EPS is expected to be 1.73 yuan in 2024), giving it a “superior to the market” rating. Referring to the PB valuation, according to our reasonable value range, the company's 2024 PB was 1.37-1.64 times, and the valuation is reasonable.
Risk warning. The company's overseas market expansion fell short of expectations; the company's new energy forklift iteration speed fell short of expectations; international trade environment risks; manufacturing boom recovery fell short of expectations; and industry competition intensified.
