Chuanhuan Technology(300547) 国元证券·2024-07-09 08:31Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company is expected to achieve a net profit attributable to shareholders of 0.92-1.04 billion yuan in H1 2024, representing a year-on-year increase of 50%-70% [1] - The growth in the new energy sector and the optimization of product and customer structure are key drivers for the company's performance [1] - The company has successfully expanded into energy storage and data center businesses, with initial results showing promise [1] Summary by Sections Performance Forecast - The company forecasts a net profit of 2.27 billion yuan for 2024, 3.09 billion yuan for 2025, and 3.99 billion yuan for 2026, with corresponding earnings per share of 1.05, 1.43, and 1.84 yuan respectively [1][12] Business Growth - The company's net profit for Q2 2024 is projected to be 0.54 billion yuan, a year-on-year increase of 38.96%, marking a historical high for a single quarter since its listing [1] - The revenue from new energy vehicles has increased, with the company covering over 50 automotive manufacturers and numerous secondary suppliers [1] New Business Development - The company has begun mass production of energy storage liquid cooling pipeline systems and small-scale supply for data center server liquid cooling systems [1] - The company is also entering the aircraft sector, collaborating with AVIC Xi'an Aircraft Industry Group on fuel and vent pipeline systems, which are currently in flight verification [1]