CCA(SH:603100) China Post Securities·2024-07-19 07:00Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for its stock performance [8][12]. Core Views - The company is expected to achieve a total operating revenue of 3.74 billion yuan in the first half of 2024, representing a year-on-year growth of 4.07%, with a net profit attributable to shareholders of 360 million yuan, up 2% year-on-year [11]. - The company is a leading player in the industrial automation instrument sector, benefiting from the trend of domestic control and contributing to the localization of key technologies [11]. - The company is actively expanding into high-end markets such as petrochemicals and is expected to increase its market share in these sectors [11]. Financial Performance - The company forecasts operating revenues of 8.022 billion yuan, 8.968 billion yuan, and 9.932 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 8.25%, 11.79%, and 10.75% [12][13]. - The projected net profit attributable to shareholders for the same period is 783 million yuan, 873 million yuan, and 980 million yuan, with growth rates of 5.30%, 11.44%, and 12.29% [12][13]. - The company's price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are estimated to be 11.48, 10.30, and 9.17, respectively [12][13].