24Q2 实现营收3.07 亿元，同比+6.76%；归母净利润为0.74 亿元，同比-12.21%；扣非归母净利润0.61 亿元，同比-2.22%；销售毛利率为43.48%，同比-0.58PCT，环比+0.13PCT；销售净利率为26.17%，同比-5.39PCT，环比+5.87PCT。Brief performance review
On August 29, the company released its 24-year report:
24H1 achieved revenue of 0.555 billion yuan, +9.42% year over year; net profit to mother was 0.117 billion yuan, -16.57% year over year; net profit without return to mother 0.1 billion yuan, +5.73% year on year; gross sales margin was 43.43%, year on year +0.79PCT; net sales margin was 23.55%, year-on-year.
24Q2 achieved revenue of 0.307 billion yuan, +6.76% year over year; net profit to mother was 0.074 billion yuan, -12.21% year over year; net profit without return to mother was 0.061 billion yuan, -2.22% year over year; gross sales margin was 43.48%, -0.58 PCT year on year, +0.13 PCT month on month; net sales margin was 26.17%, -5.39 PCT year on year, +5.87 PCT month on month.
Management analysis
1. Revenue is in line with expectations, and profits are under pressure due to non-operating matters. The split is as follows:
1) Revenue splitting: Mergers and acquisitions help increase revenue. According to the interim report, the subsidiary Ningbo Zhongke/Yuyao Pacific/Jiutong IoT/Anhui Keli/Huahong Technology/Tianjiao Smart/ Fuzhou Kejie/ Shenzhen Ke Li Smart/ Ke Li Guomao/ Zhengzhou Ke Li's revenue was 2160/5080/2546/13773/4131/2472/3945/ (unannounced) /99.96/23.66 million yuan respectively.
2) Cost splitting: Due to the addition of new subsidiaries, the cost rate increased slightly. Sales/management/finance/R&D expenses in 24Q2 were 5.4%/6.36%/1.36%/8.53%, year-on-year, +0.08PCT/+0.26PCT/+1.26PCT/+0.81PCT, and -1.98PCT/-2.28PCT/+0.39PCT/-0.25PCT.
3) Profit split: Subsidiaries Ningbo Zhongke/Yuyao Pacific/Jiutong IoT/Anhui Keli/Huahong Technology/Tianjiao Smart/ Fuzhou Kejie/ Shenzhen Ke Li Smart/ Ke Li Guomao/ Zhengzhou Ke Li net profit of 2638/1430/1061/623/610/603/291/1.62/1.23/ -1.1 million yuan respectively. Among them, Zhengzhou Ke Li lost a small amount, which is expected to be mainly due to low capacity utilization, which will benefit the increase in net interest rates after the subsequent crawling.
4) Fair value change: Chicheng shares held by the company caused the company to generate fair value change profit and loss of 21.105 million yuan during the reporting period, affecting net non-operating profit of 17.9393 million yuan during the reporting period.
2. Follow-up outlook: The company is in a period of diversified expansion, and the three new holding subsidiaries will contribute to the company's performance in the second half of 2024 and subsequent development.
Profit Forecasts, Valuations, and Ratings
Due to changes in fair value, net profit for 24Q2 was lower than expected, and the volume of mergers and acquisitions was smaller than expected. As a result, the 24-26 profit forecast was lowered, and profit was reduced by 7%/9%/7%. The estimated revenue for 24-26 was 1.271/1.481/1.695 billion yuan, respectively, or +18.5%/+16.59%/+14.45%. Net profit was 0.334/0.389/0.442 billion yuan respectively, +6.92%/+16.33%/+13.63% year-on-year, maintaining the “gain” rating.
Risk warning
Raw material price fluctuations, investment mergers and acquisitions risks, goodwill impairment risks, and technology path risks.
