Changgao NEET(SZ:002452) Guoyuan Securities·2024-07-15 00:30Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company is expected to achieve a net profit attributable to shareholders of 115-132 million yuan in H1 2024, representing a year-on-year growth of 35.26%-55.26% [2] - The company has successfully won bids for 500kV GIS products, with a total bid amount of 280 million yuan, marking a 10.3% increase compared to the previous year [2] - The company plans to invest 96 million yuan to establish a new GIL assembly plant, enhancing its product range and competitive edge [2] - The company has cleared historical burdens by recognizing credit impairment of 12 million yuan and asset impairment of 44 million yuan in 2023, releasing goodwill impairment risks [2] - The projected net profits for 2024-2026 are 300 million, 380 million, and 450 million yuan, with respective year-on-year growth rates of 76%, 26%, and 18% [2] Summary by Sections Financial Performance - The company reported a revenue of 1,493.38 million yuan in 2023, with a year-on-year growth of 22.12% [9] - The projected revenue for 2024 is 1,855 million yuan, reflecting a growth of 24.21% [9] - The net profit attributable to shareholders for 2023 was 173.08 million yuan, with a significant year-on-year increase of 198.57% [9] Market Position - The company has made significant strides in the high-voltage equipment market, particularly with the 500kV GIS products [2] - The company is expanding its product categories, including the introduction of 10kV silicon steel distribution transformers and amorphous alloy transformers [2] Investment Outlook - The current stock price corresponds to a price-to-earnings (P/E) ratio of 17.3 for 2024, indicating a favorable valuation compared to future earnings growth [2][9] - The company is positioned for continued growth, with a focus on high-voltage equipment and innovative product development [2]