凌云股份：Q2业绩短期承压，储能柜项目实现突破

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q2 performance is under short-term pressure with a slight revenue decline and increased expense ratios, but the energy storage cabinet project has achieved breakthroughs [2][3] - In H1 2024, the company reported revenue of 8.938 billion yuan, a year-on-year increase of 3.27%, while Q2 revenue was 4.638 billion yuan, a year-on-year decrease of 1.13% [2] - The automotive metal parts business generated revenue of 8.156 billion yuan in H1 2024, up 6.66% year-on-year, while the plastic pipeline system revenue fell by 19.48% [2] - The company has improved its gross margin to 17.61% in H1 2024, up 1.69 percentage points year-on-year, despite a revenue decline [3] - The company has secured 137 projects in the automotive metal sector and 243 in the automotive pipeline sector, with a focus on high-value products [4] Financial Performance Summary - The company expects net profits of 746 million yuan, 870 million yuan, and 997 million yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 10, 9, and 7 [5] - The projected revenue for 2024 is 19.3 billion yuan, with a year-on-year growth of 3.2% [7] - The gross margin is expected to improve to 17.4% in 2024, with a net profit margin of 4.47% in H1 2024 [3][10] - The company anticipates operating cash flow of 2.043 billion yuan in 2024, increasing to 2.354 billion yuan by 2026 [8]