海外市场收入高速增长，24H1 海外收入占比超过55%。根据公告，24H1 公司海外收入为36.25 亿元（同比+44.41%），海外收入占比达到55.69%（同比+4.08pcts）。从毛利润贡献来看，24H1 公司海外市场毛利润贡献达到72.97%，同比+3.01pcts，海外市场已成为公司收入、利润的重要增长动力。根据公告，公司布局海外子公司，新增比利时子公司，重点拓展非洲、欧洲、美洲、东南亚等区域海外经销商24 家，其中非洲、欧洲、美洲区域经销商占比有所提升，海外区域结构更为多元化。Brief performance review
On August 22, the company released its mid-year report. 24H1 expects to achieve revenue of 6.508 billion yuan, +33.81% year over year; net profit to mother 0.418 billion yuan, +38.49% year over year, net profit after deducting 0.409 billion yuan, +55.58% year over year; looking at Q2 alone, the company achieved revenue of 3.429 billion yuan, +38.02% year over year, achieving net profit to mother 0.211 billion yuan, year on year + 58.39%, achieving net profit of 0.201 billion yuan after deduction, +68.43% year-on-year.
Management analysis
Overseas market revenue grew rapidly, with 24H1 overseas revenue accounting for more than 55%. According to the announcement, 24H1's overseas revenue was 3.625 billion yuan (+44.41% year over year), accounting for 55.69% of overseas revenue (+4.08pcts year on year). In terms of gross profit contribution, 24H1's overseas market gross profit contribution reached 72.97%, +3.01pcts year-on-year. Overseas markets have become an important driving force for the company's revenue and profit growth. According to the announcement, the company has set up overseas subsidiaries and added Belgian subsidiaries, focusing on expanding 24 overseas dealers in Africa, Europe, America, Southeast Asia, etc. Among them, the share of dealers in Africa, Europe, and America has increased, and the overseas regional structure is more diversified.
With high-end high-horsepower bulldozer products, profitability is steadily increasing. We believe that the increase in the share of high value-added products and the increase in overseas share is the long-term driving force for the company's profit margin; 1) Continued release of high-value-added products: According to the announcement, the company uses resource advantages to accelerate the transformation to high-profit, high-value-added products and continue to promote high-horsepower bulldozer sales; 2) Increased share of overseas revenue: According to the announcement, 24H1's gross profit margin in the overseas market is 22.06%, which is 11.75 pcts higher than the domestic market; as the company's overseas market revenue share continues to rise, it is expected to be driven by the continuous increase in the company's overseas market revenue share The company's profit margin increased, and we expect the company's net profit margin to be 7.5%/8.4%/9.6% for 24-26.
Asset quality is improving, and turnover efficiency and ROE levels have improved. According to the announcement, 24H1's ROE (diluted) was 7.24%, +1.30pcts year on year; judging from receivables and inventory turnover efficiency, 24H1's accounts receivable turnover days and inventory turnover days were 104.79 and 72.35 days, respectively, a year-on-year decrease of 4.2 and 0.44 days; the company's overall asset quality improved.
Profit Forecasts, Valuations, and Ratings
We expect the company's revenue for 2024-2026 to be 12.67/14.362/16.013 billion yuan, net profit to mother of 0.944/1.201/1.434 billion yuan, and the corresponding PE is 10/8/7X, maintaining a “buy” rating.
Risk warning
Market competition increases risks, sales of high-horsepower products fall short of expectations, risk of trade friction and exchange rate fluctuations, and risk of lifting the ban on restricted stocks.
