HAILIANG(002203) 华创证券·2024-09-11 10:03Investment Rating - The report maintains a "Recommend" rating for the company with a target price of 8.4 yuan [1][3] Core Views - The company's copper alloy production and sales volume showed steady growth, with a slight improvement in performance excluding copper foil products [1] - Copper foil products dragged down the company's performance, but excluding the impact of copper foil, the company's copper pipe, copper rod, and copper bar products contributed 76,435 million yuan to net profit, a year-on-year increase of 3.7% [1] - The company's overseas expansion is deepening, with copper alloy production and sales volume steadily increasing, and plans to invest in a new industrial park in Morocco [1] Financial Performance - In the first half of 2024, the company achieved revenue of 43.959 billion yuan, a year-on-year increase of 0.6%, and net profit attributable to shareholders of 618 million yuan, a year-on-year decrease of 13.76% [1] - The company's operating cash flow was -4.209 billion yuan, a year-on-year decrease of 67.67%, mainly due to increased inventory and accounts receivable [1] - The company's period expense ratio increased slightly to 2.4%, with financial expenses rising by 287% year-on-year due to increased exchange losses [1] Future Projections - The company is expected to achieve net profit attributable to shareholders of 1.295 billion yuan, 1.544 billion yuan, and 1.719 billion yuan in 2024, 2025, and 2026, respectively, with year-on-year growth rates of 15.8%, 19.2%, and 11.4% [1] - The company's revenue is projected to grow by 13.8%, 10.5%, and 8.2% in 2024, 2025, and 2026, respectively [2] Market Performance - The company's stock price has shown a downward trend over the past 12 months, with a significant decline compared to the CSI 300 index [5]