Hexing(603556) 国海证券·2024-08-20 15:30Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company has shown robust growth in both domestic and international markets, with a significant increase in profitability driven by the successful implementation of overseas solution projects [6][7] - The company is positioned as a leader in the overseas electric meter market, with projected revenues of 50 billion, 60 billion, and 71 billion for 2024, 2025, and 2026 respectively, reflecting a consistent growth rate of 19% [10] Financial Performance - In H1 2024, the company achieved a revenue of 22.5 billion, representing a year-on-year increase of 20%, and a net profit attributable to shareholders of 5.3 billion, up 22% year-on-year [6] - The sales gross margin improved to 44.2%, an increase of 5.7 percentage points compared to the previous year [6] - For Q2 2024, the company reported a revenue of 13.5 billion, a quarter-on-quarter increase of 50% and a year-on-year increase of 25% [6] Market Performance - The company's stock has outperformed the CSI 300 index over the past 12 months, with a relative performance of 82.1% [3] - The current stock price is 43.11 yuan, with a 52-week price range of 21.00 to 55.39 yuan [3] Business Growth - Domestic revenue reached 8 billion in H1 2024, up 24% year-on-year, while overseas revenue was 14 billion, an 18% increase year-on-year [7] - The company has made significant inroads in various international markets, including Africa, Asia, and Latin America, with notable revenue growth in these regions [7][10]