【华泰证券】1H24低于预期，盈利周期有望持续.pdf

光电半导体业务占比提升，1H24归母净利润同比高速增长

Net profit 1H24 +2.7x YoY, beat expectations

1H24 profit alert points to solid 2Q results

柴油机量价齐升，公司1H24利润高增

1H24营收利润双增，深耕优势领域，拓展新兴赛道

1H24业绩大幅改善，看好长丝盈利逐步改善

1H24收入与利润均超预期，持续发力品类拓展+多单品矩阵

1H24 VNB beat with margin recovery; expect total >US$7bn cash returns to shareholders in FY24

2024年中报点评：1H24收入同比增长41%；产品结构变化和降价影响利润

1H24 earnings down 27% YoY below our expectation; expect a better 2H24E