NARI-TECH(SH:600406) Guoxin Securities·2024-08-29 10:03Investment Rating - The investment rating for Guodian Nari (600406.SH) is "Outperform the Market" [5][16]. Core Views - The company achieved steady revenue and profit growth in the first half of 2024, with revenue reaching 20.114 billion yuan, up 10.21% year-on-year, and net profit attributable to shareholders at 2.709 billion yuan, up 8.4% year-on-year [1][6]. - The second quarter performance showed significant improvement, with revenue of 12.416 billion yuan, a year-on-year increase of 2.73% and a quarter-on-quarter increase of 61.27% [1][15]. - The company signed new contracts worth 28.7 billion yuan in the first half of the year, reflecting a year-on-year increase of 10.7% [1][15]. - Overseas revenue saw substantial growth, increasing by 92.80% year-on-year to 0.831 billion yuan, while domestic revenue grew by 8.12% to 19.246 billion yuan [1][15]. - The company plans to distribute a mid-term dividend of 1.35 yuan per share, totaling 1.082 billion yuan, which represents 39.93% of the net profit attributable to shareholders for the first half of the year [1][15]. Financial Performance Summary - For the first half of 2024, the company reported a gross margin of 29.03%, a year-on-year increase of 0.46 percentage points, and a net margin of 14.27%, a year-on-year decrease of 0.25 percentage points [1][6]. - The second quarter gross margin improved to 31.73%, with a year-on-year increase of 2.41 percentage points and a quarter-on-quarter increase of 7.05 percentage points [1][15]. - The company expects net profit attributable to shareholders to reach 8.008 billion yuan in 2024, with projections of 9.312 billion yuan in 2025 and 10.547 billion yuan in 2026 [16][18]. Business Segments - The company reported revenue growth across various business segments, with smart grid revenue at 9.357 billion yuan (up 1.80%), digital energy revenue at 3.735 billion yuan (up 14.86%), and low-carbon energy revenue at 5.052 billion yuan (up 32.70%) [15]. - The company has made significant technological advancements, including the development of the world's first SSC and successful projects in Pakistan and Brazil [1][15].