NEWAY(603699) 东吴证券·2024-07-12 07:01Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock over the next 6 to 12 months [15]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of between 437 million to 572 million yuan in the first half of 2024, representing a year-on-year growth of 30% to 70% [15]. - The second quarter net profit is projected to be between 240 million to 375 million yuan, with a year-on-year growth of 1% to 58% [15]. - The industrial valve market is anticipated to grow significantly, with the global market size expected to reach 92.3 billion USD by 2026, highlighting the company's strong position in the high-end industrial valve sector [15]. - The company has a comprehensive product range and strong technical capabilities, which are expected to drive growth through market share expansion and product high-endization [15]. Financial Forecasts - Total revenue is projected to increase from 5,544 million yuan in 2023 to 6,869 million yuan in 2024, reflecting a year-on-year growth of 23.89% [1]. - Net profit attributable to shareholders is forecasted to grow from 721.80 million yuan in 2023 to 953.16 million yuan in 2024, indicating a growth rate of 32.05% [1]. - The earnings per share (EPS) is expected to rise from 0.95 yuan in 2023 to 1.25 yuan in 2024 [1]. Market Data - The company's closing price is 17.82 yuan, with a market capitalization of approximately 13,550.12 million yuan [2]. - The price-to-earnings (P/E) ratio is currently at 18.77, projected to decrease to 14.22 in 2024 [1][2]. Strategic Initiatives - The company has implemented a stock incentive plan to motivate key employees, which is expected to enhance team performance and reflect long-term growth confidence [15].