新能源汽车热管理控制器持续高速增长，工业自动化培育未来增长曲线分业务看。（1）2024H1 公司暖通空调及冷冻冷藏设备领域营业收入4.4 亿元，同比-32%；毛利率21.7%，同比-3.7pcts。公司核心产品 HVAC/R 变频驱动器主要应用于具备定制化设计需求与节能减排技术要求的各类商用空调、空气源热泵、家用空调、精密空调等，其中欧洲热泵在前期较高基数、行业去库影响下增长短期承压。公司核心产品已广泛长期地应用于谷轮、麦克维尔、阿里斯顿、海尔、三菱重工海尔、开利、博世等国内外知名品牌，拥有较高的市场地位。（2）2024H1 公司新能源汽车热管理领域营业收入2.0 亿元，同比+69%；毛利率25%，同比+0.9pcts。公司产品应用于众多主流新能源汽车车型，公司将继续加大新能源汽车热管理领域智能控制器、多合一控制器等产品及技术研发，进一步提升新能源汽车热管理领域的市场占有率。（3）2024H1 公司工业驱动领域营业收入约1600 万，体量尚小。公司持续加大细分应用行业及机器人等细分市场领域的研发投入力度，培育未来增长曲线。Heat pump inventory may have bottomed out
The company released its 2024 mid-year report. In the first half of 2024, the company achieved revenue of 0.66 billion yuan, -16% year-on-year; net profit to mother of 0.094 billion yuan, or -19% year-on-year. The decline was mainly due to 2023H1 being the peak of demand for heat pumps in Europe. Under the influence of a high base and industry removal, the HVAC/R sector's growth in the first half of 2024 was under pressure in the first half of 2024.
On a quarterly basis, 2024Q2 achieved revenue of 0.36 billion yuan, +24% month-on-month, and achieved net profit of 0.05 billion yuan to mother, +17% month-on-month, showing a positive month-on-month trend. The inventory balance at the end of the reporting period was $0.293 billion, a new low since 2021, and heat pump inventories may have bottomed out. The company has formed long-term and stable cooperative relationships with high-quality customers at home and abroad in the HVAC/R field. The NEV thermal management business continues to grow rapidly, and industrial automation nurtures future growth curves. We maintain our original profit forecast. We expect the company's 2024-2026 operating income to be 1.781, 2.549, and 3.585 billion yuan, respectively. Net profit to mother is 0.234, 0.373, and 0.564 billion yuan, respectively, and EPS is 2.48, 3.96, 5.98 yuan/share, corresponding to current stock prices PE was 17.8, 11.2, and 7.4 times, respectively, maintaining a “buy” rating.
New energy vehicle thermal management controllers continue to grow rapidly, and industrial automation fosters future growth curves by business. (1) 2024H1's revenue in the field of HVAC and refrigeration equipment was 0.44 billion yuan, -32% year over year; gross profit margin was 21.7%, -3.7 pcts year on year. The company's core product, HVAC/R inverter drives, are mainly used in various commercial air conditioners, air source heat pumps, household air conditioners, precision air conditioners, etc. with customized design requirements and energy saving and emission reduction technology requirements. Among them, European heat pumps grew under short-term pressure under the influence of a high base in the early stages and industry storage. The company's core products have been widely used in well-known domestic and foreign brands such as Copeland, McQuay, Ariston, Haier, Mitsubishi Heavy Industries Haier, Carrier, Bosch, etc., and has a high market position. (2) 2024H1's revenue in the field of thermal management for new energy vehicles was 0.2 billion yuan, +69% year on year; gross profit margin was 25%, +0.9 pcts year on year. The company's products are used in many mainstream NEV models. The company will continue to increase research and development of products and technologies such as intelligent controllers and all-in-one controllers in the field of NEV thermal management to further increase its market share in the field of NEV thermal management. (3) 2024H1's revenue in the industrial drive field is about 16 million, which is still small. The company continues to increase R&D investment in market segments such as application industries and robots to cultivate future growth curves.
Risk warning: Industry competition intensifies, downstream demand falls short of expectations, and business and customer development falls short of expectations.
