KLM(600686) 东吴证券·2024-08-12 02:20Investment Rating - The report maintains a "Buy" rating for the company [1][3] Core Views - The company's 2024 interim report shows performance in line with expectations, with total revenue of 9.8 billion yuan, a year-on-year increase of 4.2%, and a net profit attributable to shareholders of 66 million yuan, up 41.7% year-on-year [2] - The second quarter of 2024 saw a significant increase in bus exports, driving revenue growth. The company sold 7,684 medium and large buses, with 3,269 units exported, accounting for 43% of total sales, an increase of 4.9 percentage points from the previous quarter [2] - The net profit margin reached a new high since 2021 in Q2 2024, at 0.8%, despite a slight decline in gross margin [2] Financial Forecasts and Valuation - The company is projected to achieve total revenue of 20.973 billion yuan in 2024, with a year-on-year growth of 8%, and net profit attributable to shareholders of 305 million yuan, representing a year-on-year increase of 306% [3] - The report forecasts earnings per share (EPS) of 0.43 yuan for 2024, with a price-to-earnings (P/E) ratio of 38 times [3] - The company is expected to maintain a strong growth trajectory with revenue projections of 23.754 billion yuan and 26.757 billion yuan for 2025 and 2026, respectively [3]