维持“增持” 评级。公司 24H1 业绩超出市场预期。考虑到公司在配用电领域的龙头地位以及海外业务的不断突破，上调公司24-25年EPS 预测至1.71/2.10 元（调整前为1.60/1.92 元），给予公司26年EPS 预测为2.53 元；参考可比公司平均估值，给予公司25 年21.21xPE，对应目标价为44.55 元，维持“增持”评级。Introduction to this report:
24H1's performance exceeded market expectations, and orders for the intelligent power distribution business grew rapidly. Among them, the overseas power distribution business accelerated development and maintained an “gain” rating.
Key points of investment:
Maintain an “Overweight” rating. The company's 24H1 performance exceeded market expectations. Considering the company's leading position in the field of electricity distribution and continuous breakthroughs in overseas business, the company's 24-25 EPS forecast was raised to 1.71/2.10 yuan (1.60/1.92 yuan before adjustment), giving the company a 26-year EPS forecast of 2.53 yuan; referring to the average valuation of comparable companies, the company was given 21.21xPE in 25 years, with a corresponding target price of 44.55 yuan to maintain a “gain” rating.
The company's 24H1 performance exceeded market expectations. The company 24H1 achieved revenue of 6.997 billion yuan, a year-on-year increase of 26.11%, achieved net profit of 1.15 billion yuan, a year-on-year increase of 32.23%, and realized net profit deducted from mother of 1.078 billion yuan, an increase of 32.13% year-on-year. The company's sales/management/R&D expense ratios were 6.99%/5.86%/3.97%, respectively; of these, 24Q2 achieved revenue of 3.972 billion yuan, a year-on-year increase of 20.37%, and a month-on-month increase of 31.34% to achieve return to mother Net profit was 0.786 billion yuan, up 30.92% year on year and 115.72% month on month. Net profit without return to mother was 0.703 billion yuan, up 27.73% year on year and up 87.32% month on month. The company's sales/management/R&D expenses ratio was 6.62%/5.54%/4.28%, respectively.
Power distribution+electricity two-wheel drive, overseas business continues to grow. 24H1's intelligent power distribution business achieved revenue of 5.316 billion yuan, a year-on-year increase of 27.2%; net profit of 0.971 billion yuan, a year-on-year increase of 29.37%. In-hand orders for the company's intelligent electricity distribution business continued to grow. 24H1 on-hand orders reached 14.894 billion yuan, an increase of 25.74% over the previous year. The company has accumulated technical experience in the field of electricity distribution, continuously expanded its overseas layout, and achieved high growth in the overseas business. 24H1's cumulative overseas orders have reached 6.22 billion yuan, an increase of 40.47% over the previous year. The company has built five major overseas production bases in Brazil, Indonesia, Poland, Germany and Mexico, and the overseas base accounts for 50% of production capacity. 24H1's electricity distribution and electricity consumption have made gains overseas. The power distribution business obtained its first order in Europe, winning the Greek 0.466 billion yuan transformer project, while the electricity consumption business won the 0.31 billion yuan turnkey project in Brazil.
The medical services sector continues to advance. 24H1's medical service business achieved revenue of 1.613 billion yuan, an increase of 26.53% over the previous year. The company's medical business focuses on rehabilitation. 24H1 achieved revenue of 0.814 billion yuan, an increase of 36.54% over the previous year; at the same time, 24H1 added 6 new hospitals.
Risk warning. Grid investment fell short of expectations, and the company's overseas business progress fell short of expectations.
