Changgao NEET(002452) 华鑫证券·2024-06-30 01:30Investment Rating - The report initiates coverage with a "Buy" investment rating, with target prices of 0.60 and 0.72 CNY, corresponding to PE ratios of 16.8, 13.8, and 11.6 times [2][10]. Core Insights - The company is a leading supplier of high-voltage isolation switches in China, focusing on power transmission and transformation equipment, with a strong market position in the State Grid projects [10]. - The company achieved a revenue of 254 million CNY in Q1 2024, representing a year-on-year growth of 11.62%, and a net profit of 30 million CNY, up 45.66% year-on-year, indicating robust performance [10]. - The company aims to expand its market presence beyond the State Grid, targeting Southern Power Grid and exploring overseas markets to diversify its customer base [10]. - The company has successfully bid for high-voltage products, including 550kV GIS, indicating its capability to meet higher voltage requirements and expand its product offerings [10]. Financial Projections - Revenue projections for 2024, 2025, and 2026 are 1.86 billion CNY, 2.26 billion CNY, and 2.70 billion CNY, respectively, with corresponding EPS of 0.49 CNY, 0.60 CNY, and 0.72 CNY [22]. - The company is expected to maintain a strong growth trajectory, with revenue growth rates of 24.7%, 21.6%, and 19.0% for the next three years [22]. - The net profit is projected to grow significantly, with estimates of 306 million CNY, 372 million CNY, and 444 million CNY for the same period, reflecting growth rates of 77.0%, 21.5%, and 19.4% [22].