HCNC(300161) 西南证券·2024-08-28 06:00Investment Rating - The investment rating for Huazhong CNC (300161) is "Hold" [1]. Core Views - The company's performance is under pressure due to weak downstream demand, with a significant decline in revenue and net profit in the first half of 2024 [1]. - The CNC system and machine tool business showed slight growth, while the robotics and intelligent production line revenue decreased significantly [1][2]. - The company is expected to benefit from the growth in the high-end CNC system import substitution market, with a projected compound annual growth rate of 24% in revenue over the next three years [2]. Summary by Sections Financial Performance - In H1 2024, the company achieved operating revenue of 629 million yuan, a year-on-year decrease of 29.02%, and a net profit attributable to shareholders of -107 million yuan, down 203.42% [1]. - For Q2 2024, operating revenue was 386 million yuan, a decline of 27.03%, with a net profit of -38 million yuan, a drop of 1201.27% [1]. - The overall gross margin for H1 2024 was 34.75%, an increase of 4.43 percentage points year-on-year, while the net margin was -20.39%, down 15.82 percentage points [2]. Business Segments - Revenue from CNC systems and machine tools was 383 million yuan, up 3.89% year-on-year, while revenue from robotics and intelligent production lines was 204 million yuan, down 57.82% [1]. - The revenue from the new energy vehicle supporting business reached 14.73 million yuan, an increase of 31.60% year-on-year [1]. Future Outlook - The company forecasts net profits attributable to shareholders of 94 million yuan, 147 million yuan, and 233 million yuan for 2024, 2025, and 2026, respectively [2]. - The company is expected to maintain a strong growth trajectory due to the increasing demand for high-end CNC systems [2].