CSICPCL(600482) 广发证券·2024-07-10 00:31Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance in the next 12 months [3]. Core Views - The company is expected to achieve a net profit attributable to shareholders of between 459 million to 516 million yuan for the first half of 2024, representing a year-on-year increase of 60% to 80%. The net profit after deducting non-recurring gains and losses is projected to be between 383 million to 437 million yuan, reflecting a significant increase of 180% to 220% compared to the same period last year [1][2]. - The report highlights strong growth in the company's performance for the first half of 2024, driven by an increase in sales volume and orders in the diesel engine segment, as well as improved pricing and gross margins for key products [1]. - The company is benefiting from the replacement of aging ships and the low-carbon transformation of shipping, which is expected to enhance the penetration rate of high-value dual-fuel engines [1]. Financial Forecasts - The expected earnings per share (EPS) for the company from 2024 to 2026 are projected to be 0.54 yuan, 0.77 yuan, and 1.17 yuan, respectively [1][2]. - The report anticipates revenue growth rates of 8.6% in 2024, 10.4% in 2025, and 13.3% in 2026, with a significant increase in net profit expected in the coming years [2][5]. - The company’s estimated price-to-earnings (P/E) ratio for 2024 is 45 times, leading to a target price of 24.41 yuan per share [1][3].