Investment Rating - The report maintains a "Buy" rating for the company [9] Core Views - The company achieved steady revenue growth with a 17.14% year-on-year increase, reaching 497 million yuan in the first half of 2024. However, the net profit attributable to shareholders decreased by 16.81% to 83 million yuan [2] - The smart mining monitoring system showed significant performance, generating 225 million yuan in revenue, a 58.31% increase year-on-year [2] - The report highlights the ongoing development of the smart mining industry driven by supportive government policies, aiming for a substantial increase in intelligent mining capacity by 2026 [3] Summary by Sections Financial Performance - In H1 2024, the company reported a revenue of 497 million yuan, a 17.14% increase year-on-year, while the net profit attributable to shareholders was 83 million yuan, down 16.81% [2] - The overall gross margin was 42.80%, a decrease of 4.25 percentage points year-on-year [2] - Revenue breakdown: - Smart mining monitoring system: 225 million yuan, up 58.31% - Smart mining communication system: 176 million yuan, up 6.90% - Smart mining equipment: 58 million yuan, down 16.10% - Smart mining centralized control system: 38 million yuan, down 21.43% [2] Industry Development - The report notes that multiple industry policies have been released in 2024, providing clear guidelines for intelligent mining construction [3] - By 2026, the goal is for intelligent mining capacity to account for no less than 60% of total capacity, with a significant increase in the number of intelligent working faces [3] Research and Development - The company invested 68.33 million yuan in R&D in the first half of 2024, representing 13.73% of its revenue, with 340 R&D personnel making up 35.71% of the total workforce [4] - Progress in the unmanned driving project for mining areas is noted, with successful bids for key projects [4] Earnings Forecast - The revenue forecasts for 2024-2026 have been adjusted to 1.218 billion, 1.498 billion, and 1.815 billion yuan, respectively, with net profit forecasts of 245 million, 287 million, and 329 million yuan [5] - The report projects an EPS of 1.86, 2.18, and 2.50 yuan per share for the same period, with corresponding P/E ratios of 14.64, 12.51, and 10.93 [5]
北路智控：2024年半年度报告点评：营收实现稳健增长，发展矿山无人驾驶