HENGERDA(300946) 西南证券·2024-08-29 12:11Investment Rating - The investment rating for the company is "Hold" [1] Core Insights - The company reported a strong growth in Q2 2024, with revenue reaching 152 million yuan, a year-on-year increase of 13.92% and a quarter-on-quarter increase of 3.00%. The net profit attributable to the parent company was 27 million yuan, up 14.95% year-on-year but down 5.04% quarter-on-quarter [1][2] - The company achieved a total revenue of 299 million yuan in H1 2024, representing a year-on-year growth of 9.62%, and a net profit of 56 million yuan, which is an 8.18% increase year-on-year [1][2] - The company expects a compound annual growth rate (CAGR) of 23% for net profit attributable to the parent company from 2024 to 2026, with projected net profits of 110 million yuan, 130 million yuan, and 160 million yuan for the respective years [2][3] Revenue Breakdown - In H1 2024, the metal cutting tools segment generated 260 million yuan in revenue, a 5.9% increase year-on-year. The die-cutting tools contributed 140 million yuan (up 1.6%), while the sawing tools generated 120 million yuan (up 11.2%), with hard alloy bimetal band saw blades seeing a significant increase of 26.9% [2] - The smart CNC equipment segment achieved revenue of 18.08 million yuan, marking a 70.1% year-on-year growth [2] - The rolling functional components segment reported revenue of 13.23 million yuan, a 35.2% increase year-on-year, with a notable 169.8% increase in the shipment volume of slider products [2] Profitability Metrics - The company's gross margin improved significantly, with a consolidated gross margin of 31.77% in H1 2024, an increase of 2.37 percentage points year-on-year. The gross margin for Q2 2024 was 30.32%, up 1.36 percentage points year-on-year [2] - The net profit margin for H1 2024 was 18.68%, a slight decrease of 0.14 percentage points year-on-year, while Q2 2024 saw a net profit margin of 18.01%, an increase of 0.34 percentage points year-on-year [2] Financial Forecast - The company forecasts revenues of 542.49 million yuan, 694.17 million yuan, 871.02 million yuan, and 1,035.49 million yuan for the years 2024 to 2026, with growth rates of 27.96%, 25.48%, and 18.88% respectively [3] - The projected net profits for the same period are 87.29 million yuan, 105.97 million yuan, 129.91 million yuan, and 164.22 million yuan, with growth rates of 21.40%, 22.59%, and 26.41% respectively [3]