2024:1) Achieved revenue of 0.57 billion yuan, +29.31% year over year; realized net profit of 0.14 billion yuan, +71.75% year over year; realized net profit of 0.123 billion yuan without return to mother, +76.67% year over year. 2) H1 gross profit margin of 48.64%, +2.15pct year on year; net profit margin to mother 24.63%, +6.08pct year on year; net profit margin without return to mother 21.6%, +5.79pct year on year. 3) The cost rate for the period was 23.35%, -5.16pct, and the sales/management/R&D/finance expense ratios were 10.71%, 8.82%, 6.44%, and -2.63%, respectively. The year-on-year changes were -4.61, -0.04, -3.61, and +3.1 pct, respectively.

2024Q2 single quarter: 1) Achieved revenue of 0.33 billion yuan, +24.09% YoY, +37.07%; realized net profit attributable to mother of 0.082 billion yuan, +23.13% YoY, +40.54% month-on-month; realized net profit without return to mother 0.071 billion yuan, +22.37% YoY and +36.87% month-on-month. 2) Q2 gross profit margin of 50.15% in a single quarter, +5pct year on year, +3.6 pct month on month; net profit margin to mother 24.89%, -0.19pct year on year, +0.61 pct month on month; net profit margin without return to mother 21.58%, -0.3 pct year on year, -0.03pct month on month.

By region: 1) Overseas: Revenue of 0.308 billion yuan, up 51% year on year, gross profit margin of 57.86%, down 2.17pct from the full year of '23; 2) Domestic: Revenue of 0.262 billion yuan, +10% YoY, gross profit margin 37.77%, up 5.04pct from the full year of '23.

1) Domestic+overseas demand resonates, and overseas business performance is outstanding: The domestic wind power industry continues to improve. With continued policy support, in the strategic context of carbon peak and carbon neutrality, renewable energy will become an important direction for global energy development, and the wind power market has great potential. Countries such as Europe and North America have also introduced a number of policies and plans in 2024 to support the rapid development of wind power generation. 24H1 achieved overseas business revenue of 308.4955 million yuan, an increase of 51.28% over the previous year. Overseas revenue accounted for 54.10% of the company's revenue. 2) Enrich the product matrix and enhance market competitiveness in various fields: The company continues to innovate and develop products, and products are also paying more and more attention to developing in the direction of intelligence and automation. Through the application of IoT technology, functions such as autonomous operation, fault warning, and remote monitoring of equipment such as tower lifts and crawlers are realized, and the reliability and safety of the equipment are improved. Actively expand new fields, such as industrial elevators, high-altitude emergency equipment, ladder guide conveyors, and ladder trucks.

Profit forecast: The company's performance is impressive, overseas growth continues to be high, and the order growth rate is optimistic. We raised our profit forecast and expect to achieve net profit of 0.312, 0.408, and 0.526 billion yuan in 24-26 years (previous values: 0.254, 0.311, 0.374 billion yuan), corresponding PE is 15.55, 11.89, and 9.22 times, maintaining the “buy” rating.

Risk warning: downstream wind power industry fluctuations and policy risks, industry competition risks, technical risks