ZHEFU(002266) 长江证券·2024-09-03 01:15Investment Rating - The investment rating for the company is "Accumulate" [9] Core Insights - In H1 2024, the company achieved revenue of 10.31 billion yuan, representing a year-on-year growth of 10.2%. However, the net profit attributable to shareholders decreased by 35.2% to 485 million yuan, primarily due to a decline in gross margin and reduced investment income [2][4][6] - The company plans to repurchase shares to incentivize core employees, which is expected to enhance employee motivation [5][6] - The hazardous waste resource utilization capacity is 1.75 million tons, and as this capacity ramps up, the stability and certainty of the company's performance are expected to improve [6] Summary by Sections Financial Performance - In H1 2024, the company reported a revenue of 10.31 billion yuan, a 10.23% increase year-on-year. The net profit attributable to shareholders was 485 million yuan, down 35.2% year-on-year. The non-recurring net profit was 398 million yuan, a decrease of 22.24% [2][4] - For Q2 2024, revenue reached 5.856 billion yuan, up 24.23% year-on-year, while net profit attributable to shareholders was 174 million yuan, down 31.52% [4] Cost and Margin Analysis - The gross margin declined due to rising raw material costs. The overall gross margin for H1 2024 was 11.26%, down 3.13 percentage points year-on-year. The gross margin for hazardous waste disposal and resource products was 9.91%, a decrease of 3.32 percentage points [5][6] Investment and Cash Flow - Investment income for H1 2024 was -24 million yuan, a decrease of 298 million yuan year-on-year. The company maintained a good cash flow status, with a cash collection ratio of 104.86% [5] - The company’s operating cash flow net amount was -83 million yuan, a decrease of 125.2% year-on-year, mainly due to reduced margin cash flows from hedging activities [5] Future Outlook - The company expects net profits attributable to shareholders for 2024, 2025, and 2026 to be 910 million yuan, 1 billion yuan, and 1.36 billion yuan, respectively, corresponding to PE ratios of 16.4x, 14.8x, and 11.0x [6]