长虹美菱：收入持续增长，盈利能力稳健修复

Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The company reported a revenue of 14.948 billion yuan for H1 2024, representing a year-on-year increase of 16.52%. The net profit attributable to shareholders was 415 million yuan, up 15.91% year-on-year [6][7] - The company is focusing on enhancing its product structure and channel layout, particularly in the refrigerator and air conditioning segments, which are expected to drive revenue growth [6][9] - The company aims to deepen its smart and high-end product offerings, particularly in the refrigerator segment, while also expanding its brand presence in overseas markets [7][9] Financial Performance - For H1 2024, the company achieved an operating cash flow of 2.728 billion yuan, a significant increase of 93.42% year-on-year [6] - The overall gross margin for H1 2024 slightly decreased by 1.58 percentage points to 11.28% [6] - The company expects net profits for 2024-2026 to be 830 million, 940 million, and 1.07 billion yuan respectively, with year-on-year growth rates of 12%, 14%, and 14% [7][14] Product Segmentation - Revenue from the refrigerator segment reached 4.739 billion yuan in H1 2024, up 12.18% year-on-year, while the air conditioning segment generated 8.5 billion yuan, a 21.47% increase [6] - The washing machine segment saw a revenue increase of 40.65% year-on-year, totaling 784 million yuan [6] - The company’s domestic and overseas revenues for H1 2024 were 10.13 billion yuan and 4.817 billion yuan, respectively, reflecting increases of 14.56% and 23.78% year-on-year [6] Market Comparison - The company’s stock price has fluctuated between 5.45 and 12.64 yuan over the past 52 weeks, with a closing price of 10.90 yuan as of September 30, 2024 [2] - The company’s performance has outpaced the market index, with a relative increase of 8.6% over the past month [4] Valuation - The company is expected to have a price-to-earnings (P/E) ratio of 13-16x for 2024, translating to a reasonable value range of 10.40 to 12.80 yuan per share [7][14]