Changgao NEET(002452) 国元证券·2024-07-15 01:02Investment Rating - The report maintains a "Buy" rating for Changgao Electric New Energy (002452) with a target price of 8.98 yuan [1][10]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of 115-132 million yuan for the first half of 2024, representing a year-on-year growth of 35.26%-55.26% [6]. - 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 [6]. - The company is actively expanding its product range, including plans to invest 96 million yuan in a new GIL assembly plant to enhance its capabilities for 220-1000kV products [6]. - Historical burdens have been cleared, with the company recognizing credit impairment of 12 million yuan and asset impairment of 44 million yuan in 2023, releasing goodwill impairment risks [6]. - Profit forecasts for 2024-2026 are set at 300 million, 380 million, and 450 million yuan respectively, with year-on-year growth rates of 76%, 26%, and 18% [6]. Summary by Sections Financial Data and Valuation - Revenue for 2022 was 1,222.90 million yuan, with a projected increase to 1,855.00 million yuan in 2024, reflecting a year-on-year growth of 24.21% [13]. - The net profit attributable to shareholders is expected to rise from 173.08 million yuan in 2023 to 304.17 million yuan in 2024, indicating a growth of 75.74% [13]. - The company's P/E ratios for 2024, 2025, and 2026 are projected to be 17.25, 13.74, and 11.63 respectively [13]. Market Performance - The stock has shown a significant recovery, with a 41% increase from its lowest price of 4.44 yuan to the current price of 8.98 yuan [7].